Remortgaging when living away - do I have to buy-to-let

matthaine

I am currently looking at remortgaging my property but have been renting it out for the last year and will be for another year until my contract is up (living away in rented accommodation).

My current provider knows I rent my house out but did not make me go on to buy-to-let, just charge a yearly fee of £75.

My question is, if I remortgage to a new provider, will they insist that I take out a buy-to-let mortgage with me not living there for the next year?

This is the only house I own.

Gary123456790

Hi,

Basically, Yes.

You cant go to a different provider and ask for a normal residential mortgage because you are renting it out. When you asked your current provider if you could rent it out, this is called 'Consent to Let' and is for people who didnt intend to become landlords. They dont have to grant this and it means they let you go against the original terms, effectively giving you a very cheap mortgage for BTL.

If you want a 'new deal' on your mortgage, you'll have to go on to Buy to Let - this will be a higher rate. It may be cheaper to go on to the SVR with your current provider.

Why is it you weant to remortgage - is it because your current deal is coming to an end?

Gary.