Has anyone experience of leaving a residential mtg on consent to let until you can move it to BTL?

IAMIAM

After the initial period of 12-24 months expired? Did the lender allow it?
Concerned that you may not be in a position to return to the property just yet or the BTL criteria isn't met so you cant move it to that type of MTG just yet either

GrumpyDil

Nationwide just extended ours for a further period. 

K_S

IAMIAM said:

After the initial period of 12-24 months expired? Did the lender allow it?
Concerned that you may not be in a position to return to the property just yet or the BTL criteria isn't met so you cant move it to that type of MTG just yet either

@IAMIAM It'll depend on the specific lender, and their policy at the time, but generally speaking they should be able to extend it. The only issue being that most lenders will not allow PTs (product-transfer/product-switch/rate-switch) during a CTL so you may have to stay on the SVR.

That said, if you've had a tenant in the property for 12-24 months, it's very unlikely that you won't be able to remo to a BTL at that point.

IAMIAM

K_S said:

IAMIAM said:

After the initial period of 12-24 months expired? Did the lender allow it?
Concerned that you may not be in a position to return to the property just yet or the BTL criteria isn't met so you cant move it to that type of MTG just yet either

@IAMIAM It'll depend on the specific lender, and their policy at the time, but generally speaking they should be able to extend it. The only issue being that most lenders will not allow PTs (product-transfer/product-switch/rate-switch) during a CTL so you may have to stay on the SVR.

That said, if you've had a tenant in the property for 12-24 months, it's very unlikely that you won't be able to remo to a BTL at that point.

Thanks @K_S

I have will have managed to save around 50-60kk by this time next year when I can remortgage.
Property A
Lived in, want to move mortgage onto BTL/LTB 165k vs valuation of 225k interest only asap with rental 850-950 per month. 
Property B 
Either buy or rent until I have bought in 6-12 months maximum after above has happened. Deposit 20-30k, price 150k to 200k.

I just do not want to have to wait around in Property A until I have bought Property B to have a BTL, as I may not buy straight away and rent for 6-12 months or be abroad for work.

Salary circa 50k

My preferred lender is always HSBC but I'm finding they are quite restrictive in this situation. Also, would I allow the residential rate on Property A go onto a tracker with no ERC until I can complete the BTL mortgage (either by 6 month rental money or 6 months owner occupier) I just may not be an owner occupier straight away, but definitely will/can go into rented short term.