Residential or BTL

chiaracat

Hi
I have a flat valued at £325k with a £120k mortgage. I'd like to increase the mortgage to around £210k and use the additional money to buy a property in France with a view to moving there and, once settled, then renting out the flat here.

I would appreciate advice on the best approach to doing this - is it better to initially apply to remortgage for a residential mortgage and then ask the bank for permission to change to a BTL later, or just try to remortgage to a BTL straight away.
Thanks in advance.

MEM62

That would depend on the time-frame between re-mortgaging and moving to France. There is little point in paying the additional costs of a BTL mortgage if you are resident in the property. (That's if you can get a BTL whilst you are living there) Also, you need to consider whether the lender would be happy for you to have a mortgage as a non-UK resident.

Perhaps it's mortgage broker time so that you can get expert advice.

chiaracat

Thanks MEM62, much appreciated