Converting Residential Mortgage to Buy To Let

Legacy_user

Hello,

I have a fixed residential mortgage with Natwest (ending 2018) which is currently being rented out using Consent to Let, tenant in situ for the past 2 years. This is not my primary residence as i have another residential mortgage where i currently reside.

I now would like to switch to BTL, called Natwest mortgage centre and they haven't been very helpful, the nice lady on the phone just kept repeating that i cannot do this because i am on a fixed mortgage that doesn't expire till 2018 and that this is a residential mortgage (al moot arguments to me)

I have factored everything in (early repayment, exit fee, mortgage arrangement fee etc....), all i need to know how do i break my fixed mgt and change to BTL, i am not attached to Natwest , just seeing what is the easiest way to do this ? can i for example go to another lender instead?

HappyMJ

Why not just wait until the fixed period expires? You've got consent to let.

You can switch mortgage providers if you would really like to pay more in interest and fees than you are paying now.

alchemist.1

Re-mortgaging and paying early repayment fees.

System

Thank you both, i feel the need to elaborate a little, the aim is to turn this property into BTL and leverage the reduced monthly payment of an interest only mortgage. this is to help fund another BTL i am planning to buy (some lenders don't like it when you have two residential mortgages and will consider both as an "outgoing" expenses even though i do get income from one of them as Consent to Let ).
but as you both suggested there are many ways to skin this cat, i need to stew on it for a bit. any more suggestions are welcome

AdrianC

You have a contract with Nationwide to remain with them until 2018.
There may be a break possible, there may not be. If they're saying it's not possible, then that sounds like it's an answer to that question... Whether that's moot to you or not is beside the point - you are contractually tied to that mortgage until 2018, except for the breaks described in that contract.