Swapping from BTL to Residential

tiz

Hi,

My sister and I took out a Buy to Let mortgage which runs out the end of July. We now want to swap to a normal residential mortgage (live there instead of renting out) is there anything we need to keep in mind when remortgaging?

Also how soon should we start looking for a new mortgage?

Thanks,
Tam

Gorgeous_George

I'd start looking now by asking your current lender if you can convert the BTL mortgage to residetial. They may charge a nominal fee to cover administration costs but should lower the interest rate. I assume you are not in a tie-in period.

If you move the mortgage, make sure that your new residential rate is better than your current BTL rate will be. New mortages have been steadily rising recently and you may be better off staying put.

GG

tiz

Thank you for your help

It's a two year tracker (finishes end of July 08) - interest rate is currently 5.6% but would jump up to 7.2% after that.

Is the remortgage process any different if we're converting from one type to another?

Tamsin