Getting a residential mortgage and change it to a Buy-to-let mortgage in 8 months?

Wh05apk

As has been said you really have two options, either get a resi mortgage and then request consent to let in 8 months, however if the lender suspects that was your intentions from the start, and that really you were just trying to get a BTL at resi rates they may decline, or several lenders now offer trackers with no redemption penalties, so if necessary you could remortgage to a BTL when necessary.


With regards lenders, Nationwide do raise their rates for Consent to let, so may be best to avoid them initially?

redandblueroses

Foxy-Stoat wrote: »

You could try that yes.

Look on some of the websites of banks and building societies, they will have sections on their sites about consent to let.

Ok thank you very much!!

redandblueroses

Yorkie1 wrote: »

Are you sure that the lease of the flat allows you to let it out? Useful to know before you finally commit yourself ...

Didn't think about that before! I can get the solicitor to find out?

redandblueroses

gameforalaugh wrote: »

We've gone through a broker to remortgage our house but whilst doing so, we've been gifted a deposit for a new home from a family member. Our broker has explained to Nationwide that in the near future, we would like consent to let our current property with a view to buying another. We've been told that the consent will increase the mortgage payments by 1% but that there wouldn't be a problem to swop. Maybe speak to a broker?

Already spoke to a broker who said I am borrowing short term and no bank would let me.
Maybe like someone else said, I need a better broker.

redandblueroses

Wh05apk wrote: »

As has been said you really have two options, either get a resi mortgage and then request consent to let in 8 months, however if the lender suspects that was your intentions from the start, and that really you were just trying to get a BTL at resi rates they may decline, or several lenders now offer trackers with no redemption penalties, so if necessary you could remortgage to a BTL when necessary.


With regards lenders, Nationwide do raise their rates for Consent to let, so may be best to avoid them initially?

Well, not considering Nationwide at the moment, but maybe can take in to consideration.

I am considering H&R Building society as they don't have redemption penalty.

Thrugelmir

redandblueroses wrote: »

Didn't think about that before! I can get the solicitor to find out?

Read the lease.

redandblueroses

Thrugelmir wrote: »

Read the lease.

Don't have it with me.....Still with the flat owner.
Do most of the leases don't allow people to let it out?

Wh05apk

redandblueroses wrote: »

Well, not considering Nationwide at the moment, but maybe can take in to consideration.

I am considering H&R Building society as they don't have redemption penalty.

A lot of lenders now have no redemption penalties on their trackers,