Remortgage - BTL - timescales?

Paulosomerset

Hi all

Mortgage veteran, but buy to let noobie - after some advice n likely timescales.

We already own the house (has been on a resi mortgage for last 12 years whilst we lived in it)

Am proceeding with a btl mortgage with BM, valuation booked for this Friday - application is with lender.

conveyancer instructed - I am guessing this is much more lightweight than a new purchase - surely just changing charge from 1 mortgage company to another?

Any ideas or recent experience welcomed!

Thanks

Paulo

paulinedavies

In the middle of this at the moment. I'm remortgaging one house and buying another to live in and I'll be surprised if the one I'm buying isn't ready first. There is a rule of thumb of 6 weeks and hopefully this will be about that.

Paulosomerset

Are you with BM as well?

Thrugelmir

Paulosomerset wrote: »

conveyancer instructed - I am guessing this is much more lightweight than a new purchase - surely just changing charge from 1 mortgage company to another?

Not quite. As you are moving from a residential to commercial basis. So additional criteria will be applied. Though you say you are mortgage free and therefore drawing equity to fund your new purchase. Either in part or in full.

Paulosomerset

Thanks Thrugelmir - mortgage free I wish! - I've just had the place 12 years - we moved out last year and the house has appreciated quite a bit in that time - despite buying just after the crash that wasn't actually a crash in this case so we are fortunate - miving from 50% to 68% debt - and releasing a good lump if cash - and this gives options (think campervan ��)

Back to business - I see you are a switched on individual around here - re your first point - I was told by broker that as i am clearly no btl tycoon and we are an ordinary consumer - we fall j to a new quasi category of a ring fenced consumer btl which attracts FCA jurisdiction if you get my drift

Truth or toffee?

Paulosomerset

Just noticed my spelling - only two pints - must be getting old