Changing BTL Mortgage to a Residential

ms_fashionista

I bought a property as a rental investment about 4yrs ago & due to personal reasons am now living in it.

I would like to change the mortgage to a residential mortgage (Isold my residential home 2yrs ago) one.

My mortgage is with HBOS. Someone advised me that if I have 3mths payslips then that should be no problem.

Can anyone advise if this is correct & would there be any charges in doing so?

payless

Which lender are you with , as Hbos is a group, many different brands.

ms_fashionista

I am with Bank of Scotland

MortgageMamma

You need to check that your income and credit profile can support the mortgage before you do anything. Secondly are you tied into your BTL mortgage? Keeping your mortgage with HBOS may not be the best option, so do make sure you get advice and consider all options before doing anything

herbiesjp

Seems straight forward enough

As long as you have enough income to support the mortgage and any other debts you may have you will be fine. P60s or payslips can be used to verify income with many lenders, or even an employment refenrece can be used

Depending on the loan amount, property value and your credit score some lenders may require minimal documents with the re-mortgage application

Plenty of deals to choose from including ones that offer free legal fees, free valuations and some offer no arrangement/booking fees - have a word with a whole of market adviser and see what they can come back and find for you after you have seen what Bank of Scotland can offer you.

HTH

silvercar

Is there a risk that, if your current lender doesn't want to lend to you on a residential mortgage, they will find out that you have breached your BTL mortgage conditions by living in the property?