convert to BTL or not?

toothwiz

Hi am seeking advice as I am a bit confused. I am presently living in a house that I want to rent out as I am soon moving to another house.I was told by my lender (for the house I want to rent) that I would have to pay a hefty 1% fee to convert the mortgage to BTL if I want to rent it.
However I was speaking to a financial adviser and he told me that it is not necessary for you to tell them you want to rent it out. You only have to tell the mortgage company of the next house that you are buying . A typed letter of predicted rental income from a letting agent is enough. Is this true and has anyone done this. What shall I do, am I bound to pay the 1% fee.No contracts have been signed or anything official. I have only made enquiries about the Btl situation. Advice on this matter would be appreciated. thanks

Mithos

A friend of mine did something like this once before. The mortgage provider found out and completely changed his payment to the date the property became a BTL. He had been paying residential rates for 6 months and suddenly found a huge increase in what he had to pay each month.

Think I've not fully understood your situation correctly because it sounds almost like the financial adviser is suggesting fraud.