Mortgage renewal-Buy to let advice? moved into a flat elsewhere

menaistrait

As title says my mortgage is up for renewal

since taking it out my circumstances changed a lot! We moved out and rented out the house, the Nationwide gave us 6 months free then added 1% to our rate which was ok and saved any hassle changing. We informed them of our accidental landlord state and circumstances and all is ok.

We've then moved in with parents/travelled/ moved into a rented flat on the others side of the country for work.

But now mortgage is up for renewal I'm not sure if i should be looking for a buy to let mortgage? the MSE guide on that has been removed. When using comparison tools there's no simple tickbox for 'rented'....do i have to contact each company individually and ask for their increased rate? Whats the best way to go about this?

I'm not renting houses for money and don't have a second home, so just looking for the best rate for and accidental house landlord living in a rented flat!

cheers

Retired_Mortgage_Adviser

If you intend to retain the property as a BTL, in your place I would definitely look at remortgaging to a BTL mortgage. The alternative is that you fall on to Nationwide's SVR+1% which at the moment comes to a hefty 5.24% with no option to change products as it's on a consent to let.

The best way to go about it would be to talk to a broker. I wouldn't go lender by lender as many BTL products might not be available for your circumstances since you aren't owner occupiers. Also, some BTL lenders are intermediary only.

Assuming that your circumstances are fairly straightforward (75% LTV, affordability, etc), it shouldn't be particularly complicated for a half-decent. If you don't want to pay broker fees, there are plenty of MSE recommended fee-free brokers on the website.

Just to be clear (since you have mentioned "do i have to contact each company individually and ask for their increased rate?") you will not be able to remortgage it to another residential mortgage as the property is let.