Buy to Let Mortgage

misslee1888

I have a flat which I moved out of and have been letting it out. Now, my deal has run out and I have to remortgage. Am I legally bound to get a but to let mortagage of can I get an ordinary mortgage.

If so I am looking for a mortgage with a decent interest rate and no redemtion penalty.

Also how long does the whole remortage process take.

MarkyMarkD

You don't need to remortgage - presumably you want to remortgage to save money.

You don't have to have a buy to let mortgage, but you can't legally apply for a standard residential mortgage unless you disclose your intention to let the property, which would probably mean the lender won't accept your application.

A decent rate and no redemption penalty are mutually exclusive. The best rate products will always have a redemption penalty. If you just wish to be able to overpay, but don't intend to redeem, don't be put off by a redemption penalty but choose a product with some flexible features.

Honestly, in your circumstances, you should speak to a mortgage adviser which will not necessarily cost you anything as advisers are remunerated by the lender.

Remortgaging can take less than a month, but the main delaying factor is the searches which depend on the local authority.

regularsaver1

you state that you have already moved out and have been letting so i presume you have got the permission of your current lender to let the property anyhow? - so should be straight forward there

MarkyMarkD

RS1 makes a good point - if you already have permission to let from your existing lender, you could ask them for a product switch rather than remortgaging.

But they may not allow you to switch product whilst letting (or restrict you to switching to a BTL product) or they may limit the time you are allowed to let for on a residential mortgage.