Stuck with commercial mortgage

maxxyreg

I have no idea what to do next, so really hoping someone may be able to help on here. Sorry it's a bit long!!

2 years ago we couldn't afford to live in our house, so rather than loose it we decided to rent it out and and rent a cheaper smaller flat for a couple of years to get back on our feet again. We contacted our mortgage lender (Bank of Scotland) who told us we would have to move to a buy to let mortgage and they would increase our monthly payments by £250 a month! It still seemed financially beneficial so we did it.

Now we are in a better situation and so I called them yesterday to talk to them about moving back to a residential mortgage only to be told BoS don't offer new mortgages so will have to re-apply for a mortgage with Halifax. We're self employed and our last 3 years Self Assessments wouldn't get us a mortgage so there's no way we could re-apply for a mortgage with a different company.

I have no idea what to do next as we're really going to struggle to pay the extra £250 a month to stay on a commercial mortgage ... That is no longer commercial. I just don't understand how BoS can actually do this, surely if it was the other way round would they now be saying no you can't switch to a commercial mortgage so therefore we will not give you permission to rent your house out ... Makes me wish we hadn't bothered telling them we were renting it out!!!

Any advice would be really appreciated, thank you

Caz3121

A BTL mortgage is based on the tenants rental payment covering the mortgage payment
A residential mortgage relies on your income covering the mortgage payment
What is the current mortgage amount and property value?

maxxyreg

Hi,
Just spoken to someone else at BOS and it appears I was given inaccurate information yesterday .... panic over we don't have a commercial mortgage but rather a residential mortgage with a consent to lease which we can remove and move back in! :-D
Thanks