Buy to let mortgage

Henderson-01

I am currently in the process of getting a buy to let mortgage which in time I would like to turn to a residential mortgage. The property is in needs of works and an extension. Am I able to do this while it is on a buy to let mortgage or will it effect me when I come to changing it to residential. Any help would be appreciated.

ACG

A BTL Mortgage is not taken out whilst you do work on it, a BTL Mortgage is taken out on the assumption that it will be put up for rent the day after you complete.

If the property needs work, then that work may affect the likeliness of getting a Mortgage or what rental income can be expected.

You do not say what work is needed so it is difficult to say whether a BTL is possible or not.

There are some BTLs which will allow you to do work on the property (light refurb) but they are more expensive and few and far between. You may need to do a bridging loan in order to do the work and then remortgage to a BTL - but again, it will depend on the property and how it stands.

dimbo61

Think you are looking at a commercial loan.
You need a business plan showing what rental you can get