Mortgage broker - ask me anything

IAMIAM

Hi,
What lenders allow you to transfer a residential mortgage that you once lived in to become a BTL mortgage because you want to keep the property.
Thanks

K_S

@iamiam What exactly do you mean by "transfer"? If you mean switching from a resi product to a BTL product, plenty of lenders (who offer both resi and BTL products) will consider it but it's very unlikely to be as straightforward as a normal product switch, if that's what you mean. I doubt it would be any less effort than simply remortgaging to a BTL product.

IAMIAM said:

Hi,
What lenders allow you to transfer a residential mortgage that you once lived in to become a BTL mortgage because you want to keep the property.
Thanks

JRSKR

Afternoon. We recently (last week) pulled out of our purchase due to issues picked up on survey (building and electrical).  We’ve had an offer accepted on another property. Do we have to start from scratch with a new mortgage (more credit checks etc) or will Nationwide just update mortgage offer (after valuation) from their side? 

Macc

Have got a 60k buy to let mortgage on a house worth about 110k. Hoping to be able to change it to a interest only mortgage and borrow an extra 16k.

My past 3 years income is patchy as I started a new business so income was low in early days and then pandemic came along messed everything up. Last 6 months business is doing OK.

Do you think I have any hope of getting the remortgage without 3 years solid income? 

IAMIAM

K_S said:

@iamiam What exactly do you mean by "transfer"? If you mean switching from a resi product to a BTL product, plenty of lenders (who offer both resi and BTL products) will consider it but it's very unlikely to be as straightforward as a normal product switch, if that's what you mean. I doubt it would be any less effort than simply remortgaging to a BTL product.

IAMIAM said:

Hi,
What lenders allow you to transfer a residential mortgage that you once lived in to become a BTL mortgage because you want to keep the property.
Thanks

Virgin won't let you apply for a BTL mortgage if you have lived in it at any point.
HSBC won't let you apply for a BTL mortgage on a property you have previously lived in. 

K_S

IAMIAM said:

K_S said:

@iamiam What exactly do you mean by "transfer"? If you mean switching from a resi product to a BTL product, plenty of lenders (who offer both resi and BTL products) will consider it but it's very unlikely to be as straightforward as a normal product switch, if that's what you mean. I doubt it would be any less effort than simply remortgaging to a BTL product.

IAMIAM said:

Hi,
What lenders allow you to transfer a residential mortgage that you once lived in to become a BTL mortgage because you want to keep the property.
Thanks

Virgin won't let you apply for a BTL mortgage if you have lived in it at any point.
HSBC won't let you apply for a BTL mortgage on a property you have previously lived in. 

@IAMIAM I don't know about HSBC (as I don't have access to their BTL products) but Virgin most definitely lends on let-to-buy scenarios, where you remortgage your current residence into a Virgin BTL mortgage. I did one not 2 months ago.

K_S

JRSKR said:

Afternoon. We recently (last week) pulled out of our purchase due to issues picked up on survey (building and electrical).  We’ve had an offer accepted on another property. Do we have to start from scratch with a new mortgage (more credit checks etc) or will Nationwide just update mortgage offer (after valuation) from their side? 

@jrskr As a broker, if there is a change in the property, for Nationwide a new application needs to be submitted. I don't know if it's any different direct.

K_S

Macc said:

Have got a 60k buy to let mortgage on a house worth about 110k. Hoping to be able to change it to a interest only mortgage and borrow an extra 16k.
My past 3 years income is patchy as I started a new business so income was low in early days and then pandemic came along messed everything up. Last 6 months business is doing OK.
Do you think I have any hope of getting the remortgage without 3 years solid income? 

@macc Assuming you own the property you live in and are an experienced landlord, you should have options to remortgage to an interest only BTL mortgage even without any earned income. Whether you will be able to release the cash you need will depend on the rental income and how long you are willing to fix for.

Lynseyjayne18

Hi 👋 I am new here. Had a viewing today for a house that I love, estimated purchase price of £110000, LTV 82%. I am so concerned and anxious about the mortgage process. My credit report is perfect recently, however I have one late payment of £70 from a catalogue from 2017 and 6 missed payments from the same catalogue in 2016. The missed payments were for a value of £5, it was a postage and packaging fee that I had genuinely forgotten. I have no current debt and my recent bank statements show responsible financing. My job is permanent and secure (NHS), I am so afraid to take the plunge for fear of being rejected due to these discrepancies on my report. It would really be the end of the world for me.

IAMIAM

Lynseyjayne18 said:

Hi 👋 I am new here. Had a viewing today for a house that I love, estimated purchase price of £110000, LTV 82%. I am so concerned and anxious about the mortgage process. My credit report is perfect recently, however I have one late payment of £70 from a catalogue from 2017 and 6 missed payments from the same catalogue in 2016. The missed payments were for a value of £5, it was a postage and packaging fee that I had genuinely forgotten. I have no current debt and my recent bank statements show responsible financing. My job is permanent and secure (NHS), I am so afraid to take the plunge for fear of being rejected due to these discrepancies on my report. It would really be the end of the world for me.

Don't forget to tell the sellers you will be viewing before exchange haha