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Is it difficult to switch where you live and swap BTL mortgages around?
IAMIAM
Posts: 1,388 Forumite
Ie. You now want to move into one of your BTL properties and rent out your current residential property if mortgages are already in place?
Or is it easier the other way round, ie moving out of your residential property and changing the residential mortgage to BTL and moving into a new residential mortgage property.
Just toying with ideas and understanding which scenario lenders prefer.....or is there nothing in it....both properties will have around 75%to 80% LTV
Or is it easier the other way round, ie moving out of your residential property and changing the residential mortgage to BTL and moving into a new residential mortgage property.
Just toying with ideas and understanding which scenario lenders prefer.....or is there nothing in it....both properties will have around 75%to 80% LTV
0
Comments
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Well your BTL mortgage is Interest Only ?
Your not allowed to live in your BTL property unless you change the mortgage from BTL to a residential mortgage !
You also then need to take out a BTL mortgage on residential property and repay the residential mortgage.
Off course it can be done but it won't be cheap0
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