change BLT into residential but failed affordabilty

sam2015_2

My sister has a dilemma. She lives in a flat which is on residential mortgage and she also has a house on Buy To Let mortgage. She would like to sell the flat and move into the house which is currently on Buy To Let mortgage.
she is on 30k salary and the Buy To Let mortgage out standing is £350k. She won't get much equity from the flat sale. Is it possible to change the Buy To Let mortgage into residential before she moves? We are worried the lenders would say she can't afford the house on her salary.


Any other way to do this?
please advise

kwmlondon

I really did read that as your desire to make someone live in a bacon, lettuce and tomato sandwich. Hmm. Lunchtime isn't it?

sam2015_2

kwmlondon wrote: »

I really did read that as your desire to make someone live in a bacon, lettuce and tomato sandwich. Hmm. Lunchtime isn't it?

Thanks for pointing out.
It is lunch time indeed.

Foxy-Stoat_3

I would suspect that any lender is going to see that a residential mortgage of £350K (less the flat equity is pretty good) is unaffordable on a salary of £30,000, whether you can get around affordability by going from a BTL to a residential mortgage, I very much doubt even the best broker could achieve this.

Unless the BTL mortgage is in someone other than your Sister's name this wont happen.

Thrugelmir

sam2015 wrote: »

We are worried the lenders would say she can't afford the house on her salary.

I am more worried that you think that it is affordable in the first place.

Foxy-Stoat_3

https://forums.moneysavingexpert.com/discussion/5179011

Your family are property property tycoons ay !!