Consumer Buy to Let Mortgage

SusieD70

My residential mortgage is up for renewal and as I have moved in with my partner I have let my own house.  My current mortgage provider; Halifax tell me I need a "consumer buy to let mortgage which they don't do"! Can anyone advise?

MWT

Sounds like they have given you the right answer and it isn't uncommon to find that you cannot renew a residential mortgage if you wish to continue with a consent to let...

You lived in the house for a period and didn't buy it with the intention of letting so you would seem to fit the criteria for a regulated BTL mortgage.

Do you intent to buy other properties to let any time soon?

Unless you do, you should probably talk to a broker that specializes in the consumer BTL sector.

[Deleted User]

Bit of background as you seem to be questioning what Consumer Buy to Let is

Consumer Buy to Let (CBTL) was brought in a few years back to offer more protection and rights to clients who didnt get in to BTL with the intention of it being a business.  Usually this is people who have maybe inherited property that is rented, or are renting their property out due to a change in circumstances.  The term 'accidental landlord' was used a lot when it was first brought in.

There is little difference between a BTL and a CBTL mortgage when you look at rates or terms etc.  The difference is surrounding the regulation.   With a CBTL mortgage it is regulated advice so iyou have a complaints procedure if things go wrong and if you arent happy with the response then you can take a case to the Financial Ombudsman Service (FOS) to review the complaint.   With a BTL mortgage if you arent happy with the response to your complaint then legal action is the next step which costs you money (there is a small time when btl mortgages fell under fos jurisdiction but thats not really relevant to this)

Some lenders do not offer CBTL mortgages, and some brokers can not advise on them (cant imagine that many though).

Unless you want to just pick a lender from a hat and hope for the best I recommend that you speak to a mortgage broker and explore your options on moving to a CBTL mortgage.