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Changing current repayment morgage to buy to let???
mattb365
Posts: 2 Newbie
Hi I was wondering how hard it would be for me to change my current repayment mortgage to a buy to let? My current morgage is for around £112000 and i have recently had the house valued at £135,000. My current mortgage is the wonderful Northern rock "together mortgage" so there is also a unsecured loan outstanding, £10,000.
Any help would be much appreciated. Im hoping to buy another house with my girlfriend who is a first time buyer so we are hoping that entitles us to use one of the new government backed schemes.....
Cheers
Any help would be much appreciated. Im hoping to buy another house with my girlfriend who is a first time buyer so we are hoping that entitles us to use one of the new government backed schemes.....
Cheers
0
Comments
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Call the lender and ask?Thinking critically since 1996....0
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thank you thats fantastic advice..0
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The combined debt means there's inadeuate equity to meet the requirements of a BTL mortgage at the current time.
Keep paying the mortgage down as fast you can.0 -
You can't own another property to use Help To Buy.
Newbuy you can own another property, IIRC.
Do you want to change to a buy to let, or do you want consent to let from your existing lender?
Where's the deposit for the new purchase coming from? Costs/Fees?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
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