Residential and Buy-to-Let Mortgage query

residentintheuk

Hi, I currently have a property with a standard residential mortgage and am looking to remortgage. However, plan is to buy another property as my main residence and rent out my current property. My queries are:

1. Is it better for my current property to be on tracker rate rather than fixed term? Would either make it easier to convert to a buy-to-let mortgage later in the year? Would this be necessary if I wanted to have a second property (as my main residence)

2. I would like to get a second residential mortgage for my new property (which will become my main residence). Can I only get this mortgage after converting the first to a buy-to-let?

Thanks for any help. I am really confused about the process and timings.

ACG

1) Doesnt matter, personal preference. It would not be necessary if your income supported it and you were not intending to rent it out. If you are intending to then you will either need consent to let or a BTL mortgage.

2)No, but as per above. Affordability will b assessed. It usually easier to do them both at the same time.

If your confused, speak to a broker. Its probably not a bad idea anyway as most BTL mortgages are avialable through a broker. Only a small number are available directly.