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Switching from residential to buy to let at end of current mortgage

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  • kingstreet
    kingstreet Posts: 39,269 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 7 October 2020 at 10:23AM
    Hi folks,
    I am on a residential mortgage, and the two year introductory period ends shortly. I want to remortgage, but as a buy to let, probably with a new lender.

    Does this mean a completely fresh mortgage application? Rather than a 'remortgage' application? Or is 'buy to let' always more convaluted at 'remortgage' time?
    I ask because if I go to mortgage options, I can pick between 'first time buyer', 'remortgage' or 'buy to let'. And at a quick look, remortgage didn't seem to cover non-residential...
    Staying with same lender = customer retention product/product transfer/rate switch.
    Remortgage = new mortgage with new lender to repay old mortgage while staying in/keeping current property.
    You should look for new lenders' BTL remortgage products. You are also taking a "consumer buy to let" as you have lived in the property.
    Many such lenders/products are broker-only as has been stated. Not consulting a broker is going to keep more than half the market closed to you.
    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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