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Switching buy to let mortgage
nunu123
Posts: 29 Forumite
Hello, I would like to know if anyone can advise on how you can switch buy to let mortgages to residential.
I own a buy to let property, which I moved into a few years ago. I informed Santander. However the interest rates are a little high and I want to know how and if switching can be done?
Would I have to get another buy to let loan? Can you switch from BTL to residential?
Thank you.
I own a buy to let property, which I moved into a few years ago. I informed Santander. However the interest rates are a little high and I want to know how and if switching can be done?
Would I have to get another buy to let loan? Can you switch from BTL to residential?
Thank you.
0
Comments
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Just apply for a residential mortgage?1
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You're welcome. But why have you spent "a few years" on a BTL mortgage when you are not letting the property?nunu123 said:Hello, I would like to know if anyone can advise on how you can switch buy to let mortgages to residential. By consuting a mortgage broker
I own a buy to let property, which I moved into a few years ago. I informed Santander. However the interest rates are a little high and I want to know how by applying and if Yes switching can be done?
Would I have to get another buy to let loan? ??No. Why? you do not let the property out. Can you switch from BTL to residential? Yes
Thank you.
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Hello, thank you for your responses.
When we initially bought the buy to let property, it was rented out for a few years. We were living in our own property with a residential mortgage.
We sold our home that we were living in and then moved into the buy to let property. We informed our mortgage lender, and they are ok with it.
Santander have said that we cannot switch to a residential mortgage, so we are kind of stuck.
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well then why have not gone and seen a broker about remortgaging? Rather obvious thing to do.nunu123 said:Santander have said that we cannot switch to a residential mortgage, so we are kind of stuck.2
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