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Northern Bank Mortgage
former_student
Posts: 509 Forumite
in N. Ireland
I have a base rate tracker mortgage with the Northern bank, can I convert this to a buy to let mortgage with the bank?
Thanks in advance.
Thanks in advance.
0
Comments
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Ask the bank!
It is possible for some residential mortgages to be converted to BTL but it is subject to the lenders discretion and you meeting all the relevant criteria.
How much equity have you? ( will need to be 25% at least )
The rent would need to be 125% of the mortgage cost ( after factoring in the change in rate to BTL )I am a Financial Adviser specialising in Mortgages, Protection, Health and Medical Insurance. I also write wills. All information posted on this site is for discussion only, and should not be taken as advice.0 -
stephenni1971 wrote: »Ask the bank!
It is possible for some residential mortgages to be converted to BTL but it is subject to the lenders discretion and you meeting all the relevant criteria.
How much equity have you? ( will need to be 25% at least )
The rent would need to be 125% of the mortgage cost ( after factoring in the change in rate to BTL )
My outstanding mortgage is around £57K the cost of the house was £123K, I have about 10k in a long term savings account.0
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