Btl

lspell1

Hi all,
Hoping for some help...i'm looking to move out of my current residential property, remortgage this on a BTL (do it properly) and rent this out (its around 50% loan to value). I will then become a tenant myself for a short while, whilst I look to purchase a much smaller residential place. I also have another property that i also currently rent out with a BTL mortgage on this.
Now the question is, will this become a consumer BTL, or will this be an ordinary BTL. I have googled this and depending where i've looked some articles imply it would be a cosumer as i've lived there, but others indicate it wouldnt as i already have a rental property.
Any help would be greatly appreciated.

glosoli

It will be a regular buy to let mortgage as you have experience of being a landlord already by having the other buy to let. The consumer buy to let scenario is to assist accidental landlords who do NOT have previous experience.

amnblog

If you mean the remortgage on your current home, it is a consumer buy to let as you or your family have previously lived in the property. Some Lenders do not do CBTL and therefore you should seek out a broker.

glosoli

I don't see how it can be a consumer buy to let if he has other rental properties, every decision tree I have seen would classify this as a non regulated buy to let.

lspell1

Thanks for your responses, I do mean remortgage on a BTL on my current property, yes. I wouldn't consider it an "accidental landlord" and i do have some experience already so hopefully a normal BTL mortgage will be available.

I will take it to a broker either way

Mortgage_Adviser

Some lenders will view this as a consumet BTL as you have lived in there before. The orhers however will not see it that way if you have another rental properties already..