Moving mortgages on a buy to let property

Del_Boy_Gupta

I took out a 2 year tracker with Abbey which is due to finish this month. when I took out the property the plan was to reside in it but due to parent's health issues,, the property remained unoccupied and as such was let out. I let the lender know and they slapped a charge n my mortgage for letting it out.

now that the tracker period is up I thought I would get sent details by the lender abut my options but I have been sent nothing.

When i have approached Nationwide for remortgaging they have refused on the grounds it is a buy to let property now.

Anyone know where I can get a good deal (i wish a 2 year tracker maximum), with some allowance for overpayment if possible.

Also on buy t let properties such as this will lenders still pay conveyancing fees etc or are those limited to just standard non let properties.

Please help

dougk_2

The chances are you won't find a lender prepared to lend on a standard mortgage if the property is already let. You will have to look for a Buy to Let mortgage.
There are plenty of BTL lenders around (including Nationwide who do their BTL through UCB). If the LTV of the mortgage less than 80% and the rent covers 130% of the mortgage interest you should not have too many problems finding a reasonable deal.

Consider the overpayment bit carefully as the mortgage interest can be set off against the rental income to reduce your tax liability. It may make more sense to take an interest only mortgage and look for an alternative repayment method. PAying the mortgage off more quickly means you pay more tax!