Changing mortgages - buy to let to standard repayment

theonlylucy

Hello
Trying to work out my new life! I split with my partner a few months ago.  I lived in his house, had a buy to let on a flat.  I ended up moving into flat but didn't get round to changing my mortgage.  I have come into some money and want to buy another property to let as I need to put into my future.  Can any one advise me what the best thing is to do?  My current buy to let where I moved into runs out at the end of April.  Do I need to change my current mortgage first to a normal repayment? There is a £1000 fee to change this.  Thanks for your help

dimbo61

Well if you have moved into your rental property which has a BTL mortgage I will bet you £50 your breaking the T and C,s of your BTL mortgage.
So if you plan on staying I would arrange to change mortgage to residential by April 2021.
Why is there a £1000 fee ?
I would get your home sorted first and see how much equity you have in your property and how much money you have to invest in a second property.
Most good deals are 75% or 60% LTV 

theonlylucy

Yeah - has been a bit of  rushed crazy time.  I was hoping to buy a new place to let asap as I have enough for a deposit. No idea why there is a fee to pay! Just because they can?  Maybe I need to make it clear I would stay with them. Thanks