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Will paying off residential mortgage impact future BTL ?
Zwoog
Posts: 5 Forumite
Hi all. We currently have a residential mortgage on our home as well as a BTL mortgage on a flat that we rent out.
We are in the fortunate position to be able to consider repaying our residential mortgage in full. However, we plan to keep our BTL mortgage for the foreseeable future; currently it is on a 5 year fix with 4 years to run, after which it is likely that we will seek to remortgage on to a new deal.
However, if we have no residential mortgage (having paid it off) will that then limit our options when we come to remortgage our BTL loan ? In other words, will lenders interpret a lack of residential mortgage as a negative aspect ?
Many thanks in advance for views / advice.
We are in the fortunate position to be able to consider repaying our residential mortgage in full. However, we plan to keep our BTL mortgage for the foreseeable future; currently it is on a 5 year fix with 4 years to run, after which it is likely that we will seek to remortgage on to a new deal.
However, if we have no residential mortgage (having paid it off) will that then limit our options when we come to remortgage our BTL loan ? In other words, will lenders interpret a lack of residential mortgage as a negative aspect ?
Many thanks in advance for views / advice.
0
Comments
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Possibly.
It varies from one lender to another.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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