Changing Residential to BTL Mortgage

bashiraad

Hi All,

I have a questions regarding changing my residential mortgage to a BTL. I am thinking of moving abroad next year and my current mortgage rate ends in July 2015.

What is the process of changing a residential mortgage into a BTL mortgage?

I am currently with BOI (through Post Offie) so not sure if any one has gone through this process with them or can recommend any other lenders?

Or would it be easier If I asked them for consent to let for 6-12 month and then change to a BTL?

What is the max length for a consent to let mortgage?
I would definitely like to hear from someone who has gone through this experience.

Thanks

dimbo61

There maybe people on this site who have a BOI mortgage and have in the past asked for Consent to Let but they will be different to you !
Age, LTV, length of mortgage term, deposit, rental income compared to mortgage payment etc.
You really need to work out your long term plans ?
Are you moving out for 6/12/18 months due to work or relocating to a new area with family ?
Do you want to become a Landlord as a long term investment tying up the equity in your property or sell up and put a good deposit on your next home.
You should speak to a whole of market mortgage broker who can sit down and cover all your details, pensions, income, age, savings, family ,plans etc

bashiraad

Thanks for your reply. I think you are right it will probably be best to speak to a broker as there are too many variables involved.

I would still like to hear from people who have been in a similar situation.

happylucky

OP how long are you planning to stay abroad? Are you interested in keeping the property as a home to return to in future?

shelene

Hi were in a similiar situation with planning to move abroad initially for a couple of years and see what happens....so we need to look at our mortgage too and was hoping to rent it out.

I have asked our mortgage company if we can have consent to let but was advised today that since it is our choice to look at moving then we cannot get consent unless we absolutely needed to rent???bizairre..

Was told that we might need to go with another mortgage provider but was told that we would need a 75% value in the property which we are unsure if we have and not sure how to get a free valuation or look at selling which ideally I dont want to do - another post mentioned a company called Aldermore which I may look into.....

Any advice/thoughts would be useful :-)

Thrugelmir

shelene wrote: »

I have asked our mortgage company if we can have consent to let but was advised today that since it is our choice to look at moving then we cannot get consent unless we absolutely needed to rent???bizairre..

Nothing bizarre. CTL is a temporary arrangement granted at the discretion of the lender. While the borrower temporarily resides elsewhere. Perhaps due to a job posting.

If there's no justification for the request. The lender will most likely decline.