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  • Mortgages & Finance

    Apply resi mortgage after buy to let mortgage

    Ive been rejected for Buy to Let mortgage for a property ive been trying to buy (they think the property may be rented to students as its that kind of area and they dont like students, cant blame em). Currently I dont actually have a residencial mortgage (i rent) despite owning buy to lets. I was thinking of trying to buy the same house again using a residential mortgage and actually living there. Would this rouse suspicions? As they would ask if I have every been refused a mortgage before with the new lender to which I would have to say yes to which I would i would have to explain.

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     It must make sense to have a resi

    You can always convert to a let to buy when you move to another resi

    So all you do is resi to LTB and repeat.

    Lenders like normal and being a PHP and not having a resi is peculiar as far as lenders are concerned.

    So you just have to fit in with their normal parameters to play the game.

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    do you dare me to do it paul? Ill do it if you dare me

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    Yeah defo

    Get a resi mortgage you can poet like the Coventry

    Get 10 year fixed rate

    Convert to a LTB with someone after about a year but port the mortgage with an additional mortgage if needed

    Lenders don't mind porting to another property

    You can move as many times as you want

    The thing lenders don't like mortgages being paid off

    They don't mind you porting the mortgage to other resi properties

    Coventry do this and allow 6 months for porting to occur.

    Or staying with the same provider you can have a whole new mortgage

    You can see it from their point of view.

    They want long term business..

    They aren't bothered how many resi properties you use their products on.

    Plus with a resi you can have lodgers, at least 2 anyway if the lender allows.

    If you can try for a resi if you don't mind moving and living in it.

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