Question on Buy To Let

bradgirl

Hi All

I've got a question that I hope you can help me with. I apologise up front if it's stupid but I've been told no question is a silly question.....;)

I'm planning on buying a new house and re-mortgaging my current property onto a BTL mortgage. So far, so easy...

I'm on a great rate with my current mortgage on the current property and want to move this to my new property and the only way the mortgage lender will do this is if the purchase of the new property and "sale" of the old one goes through on the same day. However, I won't actually be selling the old property as such, just remortgaging to myself...will this be a problem do you think? I know I should just have asked the current lender but been on the phone for ages already and they're shut now!

If anyone understands the question, would be good to know your thoughts!

Thanks in advance

amnblog

It can be done subject the the terms of your deal, underwriting and the lenders criteria.

So lots of questions that only your current lender can answer. Looks like you have a long wait on the telephone ahead.

Thrugelmir

bradgirl wrote: »

However, I won't actually be selling the old property as such, just remortgaging to myself...will this be a problem do you think?

You are not remortgaging , you are buying a new property. You will need to meet the criteria in order to port (transfer) the existing terms and conditions.

kingstreet

A few lenders will allow you to port the existing rate to a new mortgage when changing to a let to buy product, but there are probably more who won't.

Santander, for example, is one which will while Nationwide is one which won't - you have to sell and buy.