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.
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 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!

Want to get own place, but how?

Options
13»

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    chrishar wrote: »
    I'm not on a BTL mortgage as it's my only property. I got a consent to let which has almost run out I am not sure whether they will extend this or not?

    Probably unlikely. How long has it been on CTL?
    How long since you last lived in the property?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    chrishar wrote: »
    I'm not on a BTL mortgage as it's my only property. I got a consent to let which has almost run out I am not sure whether they will extend this or not?

    What's that got to do with the price of fish? It doesn't matter how many properties you've got. This property is being let out so needs a suitable mortgage. You have CTL at the moment but it will run out eventually and then you'll need to switch to BTL.
  • chrishar
    chrishar Posts: 178 Forumite
    It's my only property and I may one day move back in so I don't see why I should pay a higher rate on a buy to let mortgage. I am considering re-mortgaging as I am now on the SVR rate which is 3.39 % above the base rate , I am sure I can get a lower rate.
  • Tixy
    Tixy Posts: 31,455 Forumite
    If you are not living in it currently then it is very unlikely you will get a residential remortgage with a new provider now.

    So realistically your options would be to either see if your existing lender will agree to extend the CTL when it tuns out, or switch to a buy to let mortgage.

    There is a good reason why BTL mortgages are generally more expensive due to the fact that if the lender has to repossess the property will come with a tenant in situ.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.4K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture