BTL mortgage for a right to buy property

ShoesAreDamnExpensive

I have recently moved out of the flat I bought many years ago under the right to buy scheme. I called Halifax this morning to discuss the mortgage as I may not move back into the property after it has been let so I can't just use the consent to lease. The Halifax women told me that if I need a buy to let product because my residential mortgage is with them I would need one with a completely different lender to repay it. I was surprised by this as to date all my banking is with Halifax - mortgage, current account, ISA. I know having all these with one lender is not particularly efficient. It also made me question whether remortgaging with a BTL product is best done now or wait until things have recovered slightly - i.e. get a consent to lease and then move to a BTL mortgage in the future when I know I will definitely not be moving back. If BTL mortgages are difficult then I imagine that one for a right to buy property are even more difficult - even though I am outside of the claw back phase?

csgohan4

Consent to let is at the discretion of the lender, if your not given one, best to remortgage as a BTL with a different lender, I would use a broker at present due to the recent tightening of the criteria

kingstreet

BM Solutions is the Lloyds Banking Group/Halifax/Bank Of Scotland BTL specialist lender. A broker will be able to assist you with correct lender placement as most BTL specialist are off-high street.