We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Changing mortgage to buy to let
ujji79
Posts: 1 Newbie
Hi, I can seem to find an answer to this and hope someone can help!
I have two properties. One is my personal home and the other is a BTL property that I rent out.
I want to move do a different area and therefore want to change my personal home mortgage to a BTL mortgage. What I need to know is if I change this then do I have to put up finance to pay for 20% of BTL mortgage? And if so would the equity in my property cover it? My mortgage is £131k and my propoerty is valued at (by the mortgage company) at £176k.
Ujji
I have two properties. One is my personal home and the other is a BTL property that I rent out.
I want to move do a different area and therefore want to change my personal home mortgage to a BTL mortgage. What I need to know is if I change this then do I have to put up finance to pay for 20% of BTL mortgage? And if so would the equity in my property cover it? My mortgage is £131k and my propoerty is valued at (by the mortgage company) at £176k.
Ujji
0
Comments
-
I don't know about anyone else, but I am a little confused about what you mean. Are you saying you want to let out your second home too?0
-
You may be able to get Consent to Let (CTL) on the residential mortgage - some lenders agree, but may add extra costs and clauses, whilst other's refuse. CTL is normally a short-term arrangement 3-4 years max, or may be reviewed every year with the option for the lender to rescind it at any time. You may eventually need to change the BTL if you plan to let long-term.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.4K Work, Benefits & Business
- 599.6K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards