Buy to let - mortgage comes to an end

Zara01

I have a buy to let mortgage. It is interest only and will come to an end in a year's time.

It is on a standard variable rate. I do not have a vehicle in place to repay the mortgage. Will the lender extend the loan?

I am concerned and not sure what course of action to take. Any advice is welcom

betmunch

If you meet their criteria for a new loan they would likely extend it.


Otherwise you could see which other lenders might take you on.


Failing that you would be expected to sell it, with BTLs the property itself is the repayment vehicle.

Foxy-Stoat_3

Either sell or ask the lender to extend.

I am afraid no one on here will be able to say if your lender will let you extend your interest only BTL mortgage without running all of your information past your lender's mortgage underwriters.

Zara01

Thanks for the reply. I would like to extend for a few more years. It is in an area where the capital appreciation is low.