Converting to BTL - timescale?

waynehayes

How long does it take to convert a repayment mortgage to a BTL?
Our house is for sale, I think we will lose our buyer and were due to complete on our purchase in 2 weeks. We don't want to lose our new house. A family member has kindly offered to loan us a large amount of cash to fund this purchase. The problem is that Abbey won't advance us a mortgage without our current being on a buy to let. We don't really want to let it, we'd rather sell, and can easily afford both mortgages, but if it means we can buy our house we will.
Abbey have said that they would need proof from a rental agency - how quickly can this be done?
Thanks in advance.

Thrugelmir

You would need to find a tenant and let it.

waynehayes

Really? I was under the impression that as long it was registered and advertised with a letting agent that would suffice?
If that is the case, I guess it's back to the drawing board.

Thrugelmir

waynehayes wrote: »

Really? I was under the impression that as long it was registered and advertised with a letting agent that would suffice?
If that is the case, I guess it's back to the drawing board.

I assuming they would want proof of rental income.

If you don't get a tenant then what?

waynehayes

Thrugelmir wrote: »

I assuming they would want proof of rental income.

If you don't get a tenant then what?

I can easily afford to pay both mortgages.