Change to circumstances but locked in to 5year fixed rate

StrandedDrop86

Hi All,

We currently own a property which was purchased in June 2014 under a 5 year fixed rate mortgage, only transferable to another property (large penalty rate applies if we sell or change the mortgage before this date). Our original plan was to live in the property until the end of the fixed rate, then move to a buy-to-let mortgage and buy another property to live in nearer to our family.

Recent health scares have now made us consider moving back home much sooner than planned. We are still very keen on trying to keep our current property, but if we are unable to change it to a buy-to-let, are there any other options?

Is there a way of transferring our existing mortgage to the new property, and obtaining a new buy-to-let mortgage for our existing property?

I would be very grateful for any initial advice on this, before we approach a specialist.

Thank you.

G_M

It is unlikely but the obvious people to ask are your lenders.

Some (notably the few Building Societies that have not been privatised yet) are more flexible, or even responsive to genuine personal/health circumstances.

Others will never vary their terms, never grant CTL etc etc.

Or post on the mortgages board here stating which lender it is - someone may know their general policy/attitude.

Thrugelmir

Porting the mortgage to a new property seems the answer.

Whether you can obtain a BTL mortgage on the existing property is a totally separate matter.