BTL to residential mortgage

Mazza48

Hi, I would be really grateful for any advice please.  I have a BTL property that has had tenants in for past 6 years.  My relationship has broken down and I am moving back into the property temporarily whilst I look for another home near my parents, who are getting on.  I am not sure how to move things forward as I will have to remortgage from BTL to residential to get a better rate whilst living there but I only want to stay there till it is sold. I will need a small mortgage to buy somewhere else. I have early repayment charge of £1700 as I have had the mortgage less than 2 years - I am worried I will end up with another ERC when I sell and buy another.  Have I got the right end of the stick?

MWT

If your income is still sufficient to meet the lenders affordability criteria without the rental income, I'd suggest talking to your lender to see if they will agree to let you move back in while you proceed with the sale...

Mazza48

Thankyou MWT, my income will be sufficient so I am not too worried about that - I thought they might want me to change the mortgage on moving back in.  I have called them and have been waiting for a call back but they are experiencing delays.

MWT

They can always say no of course, but if you tell them you are looking to sell and redeem the mortgage ASAP they will hopefully be reasonable.