Buy to let mortgage for non-homeowner

csgohan4

fanheater wrote: »

Hi,

I recently took a buy to let mortgage from Clydesdale Bank. I wasn't buying the property but converting from a residential to a buy to let. I don't have another property or residential mortgage.

My broker told me that only a few lenders are in the market for people in that position. Clydesdale was fine though. They gave me a decent rate and will also allow me to port my mortgage to a new residential property within the fixed term, so within the next two years. But if I take out a new residential mortgage with them they will combine the two at the residential rate.

Add to that that they allow you to overpay and then just ask for the money back (they call it Borrow Back, I think) and this turns out to an ideal mortgage for me.

Would recommend.

Very different circumstances, OP has no Home at the moment on mortgage. You have one.

System

You have a good business plan as Buy-to-Let creates its own demand. Every property 'snapped up' turns a potential homeowner into a renter. I will hopefully be joining you in the ranks and getting some-one else to pay my mortgage debt.

want2bmortgage3

Try natwest

Thrugelmir

Try a good broker. As this is their domain. Take a long time to review all lenders criteria.

fanheater

csgohan4 wrote: »

Very different circumstances, OP has no Home at the moment on mortgage. You have one.

The whole point in my post was that Clydesdale will give btl mortgages to people who don't have a residential mortgage.

amnblog

You were a property owner at the point of application, our original poster is not.

99rb99 should consult a mortgage broker as suggested by Kingstreet