Consequences of switch from residential to buy to let mortgage?

kingstreet

ACG wrote: »

So stamp duty is due to first time buyers who are buying BTLs?

- Everyday is a school day on this site

You'll find I made that mistake on Cherry not so long ago!

I assumed as the second property surcharge didn't apply, no SDLT applied.

dimbo61

If you are going to buy a BTL property then you cannot move into it!
You need a bigger deposit and a business plan.
Most BTL lenders also like you to already own your own home ( with or without a mortgage ) so you have HISTORY of paying a mortgage and equity.
If you are a First time buyer buying a home to live in you get FTB deals ( which really are not that good ) and NO stamp duty up to £300,000 ( at the moment )
However if you buy a place to live in and 6 months later say you want to move out and rent the property the lender may smell a RAT and say NO
Buying is expensive and I woould save save save for the time being

Peterhoffmeister

Appreciate the advice. I have no real want to buy to live in or BTL in life, my career is starting again and just finding its feet. However a family home of over 60 years is soon to go on the market, I really want to keep it in the family, hence the lack of preparation and unfortunately could be coming too soon. However I am looking at every option I can to buy to let it