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Changing Mortgage Type
vegasvicar
Posts: 33 Forumite
Hi All,
I wish to change my buy-to-let mortgage to a homeowner mortgage as I have now moved into the property.
1 - How easy is this to do?
2 - Should my current mortgage supplier not have a suitable mortgage, or do not do homeowner mortgages, can I apply to another lender for a homeowner remortgage, switching type at the same time or will this be difficult?
All help greatly appreciated & many thanks.
I wish to change my buy-to-let mortgage to a homeowner mortgage as I have now moved into the property.
1 - How easy is this to do?
2 - Should my current mortgage supplier not have a suitable mortgage, or do not do homeowner mortgages, can I apply to another lender for a homeowner remortgage, switching type at the same time or will this be difficult?
All help greatly appreciated & many thanks.
0
Comments
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You don't have to change. There's nothing to stop you living in a property which is subject to a BTL mortgage. It's the other way round, letting using a residential mortgage which is the problem.
If you want to remortgage elsewhere, that's subject to the usual income, affordability, loan to value checks etc.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Let to buy is based on rental income not affordability. So worth checking with your lender. As in effect you are changing the terms of the contract.0
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????? Unless there really are terms in the contract which specify that the property will be rented out and not lived in by the owner, I find it hard to conceive that the terms of the contract are being changed. The primary affected term is that the mortgage will be paid each month ....Thrugelmir wrote: »Let to buy is based on rental income not affordability. So worth checking with your lender. As in effect you are changing the terms of the contract.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
????? Unless there really are terms in the contract which specify that the property will be rented out and not lived in by the owner, I find it hard to conceive that the terms of the contract are being changed. The primary affected term is that the mortgage will be paid each month ....
The OP's circumstances may have changed financially in a material manner. Since the original application for the let to buy product. So the lender has a vested interest.
Not suggesting there is an issue. However best to check.0
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