Convert current place buy to let and buy new home

itsduke

I am earning 60K per year in a permanent contract and my job is going fine.
I bought a flat last July for 150K(with my 10% deposit) and am paying mortgage on that at 5.99% with Halifax which ends in Apr 2010 when mortgage moves to SVR.
My plan was to live in this flat for a while and then convert to buy to let since its easily rentable being in a prime location and will cover the cost of mortgage.

I have already started thinking of putting this flat on rent and move to a rentable place in short term and then buy a bigger house going forward (and saving a bit of deposit for next house.)

I wanted to know the following and would appreciate your inputs
1. Whether I can convert to buy to let now for my flat before Apr 2010 ?
2. Once I convert to buy to let and start renting the flat out, will I be a considered first time buyer for another mortgage by any bank ?
3. Based on, that I have a flat and am paying mortgage, can I request Halifax or any other bank for lesser deposit for my next house, where I plan to live ?

I have no adverse credit and have paid all my bills/payments on time.

dimbo61

1 NO but you could ask the Halifax
2 No once you own a property you are not a FTB
3 No they want you to have at the very least 10/15% deposit.
You bought your flat in july 2008
How much is it now worth ( ask an estate agent/check online )
You will need a buy to let mortgage and 25/30 deposit !!

socrates

dimbo61 wrote: »

1 NO but you could ask the Halifax
2 No once you own a property you are not a FTB
3 No they want you to have at the very least 10/15% deposit.
You bought your flat in july 2008
How much is it now worth ( ask an estate agent/check online )
You will need a buy to let mortgage and 25/30 deposit !!

So thats a NO then?

itsduke

Thanks dimbo61!

But I can convert it to BTL at end of my fix deal contract in Apr 2010 ? Isnt that right ?