Port my buy to let mortgage

Court64

Hi all
1.At the moment I am living in my buy to let property , I am hoping to move very soon! 9 months before my current 2 year Fixed mortgage ends.

2.If possible I would like to change it to a residential mortgage and also avoid any legal fees eg early repayment.

Birmingham Midshires
Buy to let
Current mortgage £109k
Current property purchased at £162500.

holly_hobby

Firstly you should have already advised your lender that the property is not being let and is your now your primary residence - you are in breach of your mge t&cs which can have consequences.

Changing from BTL to a residential mge is in effect actually redeeming the current BTL mortgage, which will effectively be shut down and replaced by a residential mge (assessed on income and status), so whether you switch to residential now or just redeem the mge on sale (as you can't port a BTL for a residential pch), you'll face early repayment charges as noted within your current product (in addition to any mortgage exit admin fee).

In any event porting relates to the mortgage product (fixed, discount, etc) and not the underlying borrowings, and is always at the discretion of the lender and subject to status at the time of your new mortgage app on your new property - which is essentially a new mortgage.

Hope this helps

Holly