Buy to let mortgage for the property I live in

vikramrkin

Hi All,

My two year fixed mortgage is coming to an end in three months. I own only one property and I live in it.

I might have to move abroad for few years very soon (6-8 months time) and I am not sure what type of mortgage I should take. Is it possible to go for a normal mortgage and ask the lender for permission to let the property if/when I move abroad? Or do I have to take a BTL but live in the same property till I move out?

Current mortgage is with HSBC and was arranged directly. LTV is around 80.

Thanks for reading my post.
Vik

kingstreet

Consent to let may be a possibility. Ask your existing lender.

You may find a small number of potential BTL lenders at 80% LTV but under the new PRA rules, you may find the rent has to be the same or more than 145% of the interest at an assumed rate of 5.5%pa.

Mutton_Geoff

All the BTL mortgages I've had included a clause that I wasn't allowed to live in the property myself.

badger09

vikramrkin wrote: »

Hi All,

My two year fixed mortgage is coming to an end in three months. I own only one property and I live in it.

I might have to move abroad for few years very soon (6-8 months time) and I am not sure what type of mortgage I should take. Is it possible to go for a normal mortgage and ask the lender for permission to let the property if/when I move abroad? Or do I have to take a BTL but live in the same property till I move out?

Current mortgage is with HSBC and was arranged directly. LTV is around 80.

Thanks for reading my post.
Vik

Consent to let is the way to go. I would ask your existing lender first. They will probably agree to this for a limited time (2 - 3 years?). If they refuse, try asking a mortgage broker.

Also check whether you need permission from the leaseholder if applicable.