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Will my mortgage be a buy to let?
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Sheepfan
Posts: 53 Forumite
The situation is:
I own a 2 bed flat, current value approx 135k, mortgage is 78k. I bought it nearly two years ago on a 2 yr fixed rate. I moved in with my girlfriend 6 months after buying it and leased it out, the bank were fine, they simply charged me a £50 fee and acknowledged the fact that it was now a leased property (my interest rate was unchanged)
My fixed period will expire in about 3 months. It looks like I will probably leave my current lender as their rates just now aren't great. If I transfer to a new provider, will they class my case as a standard residential re-mortgage or will I have to get a buy to let? I don't own any other properties.
Any advice greatly appreciated.
I own a 2 bed flat, current value approx 135k, mortgage is 78k. I bought it nearly two years ago on a 2 yr fixed rate. I moved in with my girlfriend 6 months after buying it and leased it out, the bank were fine, they simply charged me a £50 fee and acknowledged the fact that it was now a leased property (my interest rate was unchanged)
My fixed period will expire in about 3 months. It looks like I will probably leave my current lender as their rates just now aren't great. If I transfer to a new provider, will they class my case as a standard residential re-mortgage or will I have to get a buy to let? I don't own any other properties.
Any advice greatly appreciated.
0
Comments
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If it is not your main residence, then you will need a BTL mortgage. (unless you have family in the second property and your income can support both mortgages)I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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