Buy to Let Mortgage Advice Please

MrsJ2008

My property's fixed period expires in July and would appreciate some suggestions.

It is currently on an interest only deal - what happens when this ceases? If I don't remortgage will I pay just the current interest rate or do I have to remortgage?

I originally mortgaged it as a 'normal' mortgage and then rang the lender to change it to 'let' mortgage with a £100 fee. Would I be able to do this again or do I have to get a 'let' mortgage?

Obviously i'm a newbie landlord so would appreciate any general advice or suggestions ..... also any ideas on when the market MAY pick back up as I'd like to sell it.

Thank you:j

wantabetterlife

HI, i also have a BTL property.........in july you can go onto the SVR or take another deal. The deal they will offer you will depend on how much equity you have in the house.........it may be worth giving your mortgage lender a ring to see what they value your house at......if it is above 85-90% the chances are they will not offer you a new deal and you will have to stay on the SVR. It is also worth finding out what their SVR is at the minute as this would also affect your decision.
As far as i know you will have to get another BTL mortgage unless you are living in the house.....BTL mortgages tend to have higher interest rates than residential mortgages and the set up fees can be very expensive....most charge 1-2% of the amount borrowed which can be a lot depending on how much you have borrowed.
Also if you dont sell this property within 3 years of moving out of it you will be liable for capital gains tax on any profit when you come to sell it. Hope that helps, you would probably get more responses on the mortgages board.

MrsJ2008

phew - what a minefield. Thank you very much for the advice, I shall investigate my current lender