Fixed rate to CTL or BTL?

MrPorridge

My wife and I have recently remortgaged with Woolwich on a 5yr fixed rate (mortgage is £190,000 - value is £340,000). My wife's mother has recently (i.e. after we remortgaged) been diagnosed with a serious illness that could potentially require us to move in with her so my wife can take care of her.

My query is (because I don't want to ask about hypotheticals with the bank in case they put a black mark against us): Can we keep our current home and rent it out? Either by changing (porting?) onto a buy to let deal with woolwich? Or by getting consent to let?

I've done some searches on here and the woolwich website and it looks like CTL (consent to let) is only available for 2yrs - so what are our options based on our 5yr fix?

Any advice would be greatly appreciated. Thanks.

dimbo61

You might get Consent to Let but you cannot PORT a residential mortgage to a BTL mortgage.
If you need to move in with the Mother In law then approach Woolwich and ask for consent to let.
You have NO IDEA of how long you may end up staying with the MIL so take it one day at a time.

Thrugelmir

MrPorridge wrote: »

I've done some searches on here and the woolwich website and it looks like CTL (consent to let) is only available for 2yrs - so what are our options based on our 5yr fix?

CTL is only meant to be a temporary arrangement hence the 2 years quoted.

Nothing to lose by asking Woolwich what if any BTL options are available. At least then you'll have a starting point. CTL would give you a window before making any long term decisions. Which I suspect is the last thing on your minds at the current time.