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Moving in to my BTL property
jmsa7
Posts: 28 Forumite
Hello,
I have a property with a BTL mortgage with a very low interest rate. It was fixed about 4 years ago and I still have 1 year till the end of the deal.
The current tenants are moving out of the property at the end of the month.
We have been looking for other tenants but today our own landlady (we are renting) told us that we have got 2 months to move out. We haven't got much choice, we need to move into our own property.
So basically we need to change our BTL mortgage to a residential Mortgage.
What are our options?
Any help and advise would be much appreciated.
Thank you.
I have a property with a BTL mortgage with a very low interest rate. It was fixed about 4 years ago and I still have 1 year till the end of the deal.
The current tenants are moving out of the property at the end of the month.
We have been looking for other tenants but today our own landlady (we are renting) told us that we have got 2 months to move out. We haven't got much choice, we need to move into our own property.
So basically we need to change our BTL mortgage to a residential Mortgage.
What are our options?
Any help and advise would be much appreciated.
Thank you.
0
Comments
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Why can you not just move in?
You just carry on paying the BTL mortgage - unless there are ant T&Cs of the mortgage that say otherwise.0 -
I need to go through the mortgage paperwork to check that. But just wonder how easy it is in general changing from BTL to a Residential mortgage. Does it depends on the lender? How likely they will keep the same interest rate, etc?DE_612183 said:Why can you not just move in?
You just carry on paying the BTL mortgage - unless there are ant T&Cs of the mortgage that say otherwise.0 -
Yes - the BTL paperwork will almost certainly say you cannot live there
Yes - what you can do does depend on the Lender
I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
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