Buy to let v interest only

Billozz662

Hi all, I have a buy to let mortgage on a property ATM value of the property is about 300,000 outstanding mortgage 139,000the tenant is leaving and I'm moving into the property, can I leave the buy to let mortgage in place? If not I would prefer an interest only mortgage is this possible on a house in living in?
Appreciate any answers.

Brie

I would expect that a bank won't mind you paying higher interest than is standard for a regular mortgage particularly if you/they think the situation will be for a short period.   If you want to switch to a different mortgage than currently then you will need to talk to the bank, remortgage, pay fees, likely pay a solicitor?  Presumably they won't say no especially if it's the same bank you're with already. 

ACG

Its unlikely they will pick up on it unless you change your correspondance address with them. 
But at that LTV it should be possible to do interest only, but its unlikely to be high street lenders. 

Billozz662

Brie said:

I would expect that a bank won't mind you paying higher interest than is standard for a regular mortgage particularly if you/they think the situation will be for a short period.   If you want to switch to a different mortgage than currently then you will need to talk to the bank, remortgage, pay fees, likely pay a solicitor?  Presumably they won't say no especially if it's the same bank you're with already. 

Thank you for the answer, higher interest rate, but monthly payments are lower? Which suits my current situation.

Billozz662

ACG said:

Its unlikely they will pick up on it unless you change your correspondance address with them. 
But at that LTV it should be possible to do interest only, but its unlikely to be high street lenders. 

Thanks for the reply can I ask why not high street? Also is interest only likely to be a lower rate than BTL or vice versa

housebuyer143

Billozz662 said:

ACG said:

Its unlikely they will pick up on it unless you change your correspondance address with them. 
But at that LTV it should be possible to do interest only, but its unlikely to be high street lenders. 

Thanks for the reply can I ask why not high street? Also is interest only likely to be a lower rate than BTL or vice versa

It's not a popular thing anymore interest only on residential, mainly because they were abused and there are now lots of regulations. 
Depending on your ltv, equity and income you can use downsizing as a repayment strategy with a handful of lenders. I am with YBS who allow this (you don't have enough equity though to use this strategy with them), but it really is a handful only. 
Based on your equity you will likely need an alternative repayment strategy, such as pension etc. If you want to pursue this you would probably want to use a broker to find them. 

Generally interest only are only for people who have no need of them, as in they have lots of equity and good income.

Yes, interest only if you get them are on residential rates. I don't believe they charge higher rates, you just only pay the interest on the product you choose.