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Mortgage Type

sh78
sh78 Posts: 5 Forumite
Fifth Anniversary Combo Breaker
in Mortgages & endowments
hi,

I have a residential mortgage. Soon I will be moving to new location and want to buy a new home there. I am not planning to sell current house and will rent this out.

Questions:
a) Do I need change my current mortgage to Buy to Let or can it continue under existing terms?
b) What type or mortgage should I be looking for the new house? Is it Home Movers option or Buy to Let? I checked few websites and all home mover mortgages kind of hint that I am selling current home and moving to new one.

thanks

Comments

  • ACG
    ACG Posts: 24,881 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    a) You need to speak to your current lender.
    b) It would be a home mover as you are moving home.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreet
    kingstreet Posts: 39,434 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    What's the source of the deposit for the new purchase?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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