Remortgage from BTL to Residential

houman1979

Hi,

I am re-mortgaging a BTL property to a residential mortgage.

The problem is that the new lender would not approve the application before I moved in and the current BTL terms do not allow me to move in. I need a consent to occupy that my current BTL lender does not seem to give!!

So, what can I do? anyone in a similar situation? I heard some residential lenders may approve the application with an intention to occupy and then release the funds when the tenants move out. Is it correct?

houman1979

Any ideas? I just talked to the BTL lender and they said they do not give any consent to occupy!

silvercar

I don’t really understand why this should be an issue for the lender. When buying a new house, lenders approve applications before exchange and completion, so it should be possible. Is the issue that the property still has tenants? Or is the lender worried that you will continue to let the property?

silvercar

If you are confident you will get the mortgage, you could just move in. Your mortgage will complete within weeks, after which your BtL mortgage will be redeemed, so you will have no need for further conversations with them.