Finding 'Consumer buy to let'

Bravestar

hotnuts21 wrote: »

... my fixed rate mortgage is up in Septemeber so im looking to remortgage to a Buy to let...

hotnuts21 wrote: »

...
My small house mortgage rate is about 4.5%....

That doesn't sound like a very good deal you agreed to, sorry.

FD's SVR is currently 3.69% I believe, although I'm not sure what, if any, loading they would apply for CTL
(Typically it's about 1% where applied)

So probably little financial effect even when the fixed deal comes to an end, but as you say, FD do not provide BTL mortgages, and I strongly suspect they will not extend the current CTL past the existing agreed date of January 2017, so you need to have alternative arrangements in place by then

Bravestar

Bravestar wrote: »

...
(I don't know the new rules being talked about here, but surely there comes a point where an 'accidental landlord' becomes an 'on-purpose landlord')

TMW (the Mortgage Works/Nationwide) define a Consumer Buy to Let (CBTL) mortgage as

A borrower with no other let properties wishing to obtain a mortgage on a property that has either been inherited or has previously been occupied by the borrower or related person at any time

http://www.themortgageworks.co.uk/eumcd

Having said that, they appear to be prepared to offer them (you'll need to go via an intermediary)

I believe their SVR is currently 4.49% for BTL mortgages, but you should be able to get an initial lower fixed rate. e.g. 2-3 %

amnblog

A lot of duff information in the replies to this thread Hotnuts.

BTL mortgage applications are considerably more complicated than they were at the start of the year and the definition 'Consumer Buy to Let' is one of those complications.

There are not specific BTL products for CBTL which is why you cannot find them with the help of Opera Singers or Meerkats.

Where you went wrong was going off on your own trying to second guess the broker. It is the brokers job to sort this, leave it to them.

For the record:

CBTL's are not underwriting in the same way as residentials mortgages (although some Lenders have built in further affordability checks on all BTLs)

You are not confusing CBTL with consent to let, as you already have consent to let.

No one is defining 'professional' or non 'professional landlords' in these circumstances. You are not the issue for CBTL. The property is the defining factor. If you or your family have ever lived in the property it will be handled as a CBTL by the Lender.

'Accidental landlord' is a patronising term suggesting you end up owning two properties without thinking. This term has no bearing on anything apart from providing two more words of copy in the Money Mail.

hotnuts21

Thank for that, living in a rural area, we are a bit sparse on mortgage brokers and I dont want to use the one we used for buying this house.

I have been highly recommended another broker so will get in contact with them.