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desperately need advice

Kattelan
Kattelan Posts: 19 Forumite
in Mortgages & endowments
can anyone offer advice. I have a BTL mortgage and at the moment I also have a ppr mortgage with my husband. I have marital problems and I need to move into my flat that I have the BTL mortgage on. The mortgage is in my name only. Can I change the BTL mortgage over to a residential mortgage as I would get a better rate and it would enable me to make payments and basically keep my head above water.

Comments

  • Xbigman
    Xbigman Posts: 3,923 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Easy answer is yes.

    Not so easy answer
    Did you use the assumed income from the BTL to be able to afford the mortgage? If so you might get turned down. If you do switch there may be a fee charged.
    Regards



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  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    As xbigman says, in theory the answer is yes - but it will depend on a few areas.

    A BTL is normally agreed on the basis of the rental income as opposed to your income.

    Is your income sufficient to get the mortgage on a reseidential basis in your own name?

    What kind of figures are you looking at?
    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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