BTL Mortgage - Do you need to own another property?

blackdogonline

Hi
Just a quick question really. We have a house which is currently on consent to let as we've moved away from the area and are unable to sell at present. We're paying down the mortgage as quickly as possible and hope to achieve 70% LTV by this time next year and then if the market hasn't picked up are considering switching to a BTL mortgage and keeping it as a long-term investment.

Just wondered if we need to be homeowners to apply for a BTL mortgage as currently renting whilst we sort out this house and save for a deposit. Any advice would be great.

Thanks

Dave_Ham

Hi there,

It will depend on the lender, there are some out there that will lend to non-homeowners or let to buy status.

Would expect there to be more competition in this marketplace next year so hopefully more competitive products.

All the best

MissRP

Hi,

I bought my first property last year as a BTL - I still live at home and plan to move into the property next July.

However, I did find it a bit tricky to get a BTL mortgage because it was my first property - they seemed convinced that I would move into the property.

I managed to go with the Cambridge building society.

Hope that helps.

blackdogonline

Thank you both for replying. Feel reassured that there may be some suitable products out there.

Dave_Ham

Most welcome.

Cambridge is one option, although only available in certain geographic areas..

Good luck - shout if any further help needed...