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BTL or continue as first time buyer?

rajakumar
rajakumar Posts: 90 Forumite
in Mortgages & endowments
Hi,

I bought a property 2 years back as a first time buyer. Last year I have to move to different location due to job reasons. I have rented my house with the agreement of the mortagage lender by paying a fee.

Now it is time for my fixed rate to expire and I'm planning to looks for a better deals. I'm confused whether I should look for BTL or normal remortgage?

Any advice would be appreciated.

Thanks in advance.

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    You should be looking to re-mortgage on a BTL basis -plenty of deals with free valuation and free legal fess around (assuming all the rental income figures stack up)
    I am a Mortgage Adviser
    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.
  • rajakumar
    rajakumar Posts: 90 Forumite
    Hi Herbiesjp,

    Thanks for the prompt response.

    Why do we need to worry about the rental income figures during remortgage?
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    If the property is let out, a BTL mortgage is agreed not on the basis of your personal income (although some lenders want a proof of minimal personal income) but on the basis of the rental income you are receiving.

    What are the figures you are looking?

    What is the property value?
    What is the mortgage amount needed?
    What is the rental income you receive?
    I am a Mortgage Adviser
    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.
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