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Borrowing on mortgage free house
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Thank you for your response kingstreet, I am not buying the property to rent out I am buying it for my daughter does the remortgage still have to be a buy to let mortgage then ?
I know when my friend was remortgaging his BTL property to buy a property for his son to live in, RBS said that he could take out a residential mortgage as it was for his son, but as Kingstreet says, that would be if you took out the mortgage on the new property.0 -
Thank you for your response kingstreet, I am not buying the property to rent out I am buying it for my daughter does the remortgage still have to be a buy to let mortgage then ?
It depends on what property you are getting the mortague on. if you are mortgageing the rental propety then it will need to be a buy-to-let mortgage with all the extra requirements involved. if your mortgageing the house you live in the a standard residential mortgage is all you need.0 -
Yes. That would be correct.Oh I see so am I correct in thinking because the property we own outright is tenanted the remortgage has to be a buy to let ?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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