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  • Mortgages & Finance

    BTL mortgage coming to end & turn into resi?

    Hi guys,

    I have a property which i have been renting out for 2 years but now fixed term is coming to end. I am looking to move in to this property say in 6-12 months but would like to continue to rent out for the period in between.

    What are the best next steps in regards to the mortgage, find a broker or just stay where I am until I move in?

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    Be upfront with a residential lender about your intentions.  Get a resi mortgage with "consent to let" until you are able to move in.  I would get a fixed rate mortgage now as rates may go up after Brexit ...

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    "What are the best next steps in regards to the mortgage, find a broker or just stay where I am until I move in?" .......... find a broker

    And then, discuss your plans and implement a strategy which won't breach your mortgage terms and which allows for flexibility.


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    Thanks Vanessa, in terms of a broker I have used LandC in the past. Are there any other alternatives that maybe worth exploring who are a similar size?

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    Fazsnatch, its not clear from your original post whether you have a BTL or residential mortgage on your property.  If it is a residential, you should indeed ask for Consent to Let from the lender, which is not usually denied so long as you have maintained your Terms and Conditions.

    If you have a BTL, why not let it run on the SVR for 6 months?  Chances are that a remortgage would not be cost effective just for 6 months or so, when you consider the costs associated with a change, such as arrangement fees, ERC's (because chances are you will have them), valuation, legal fees etc.  Sure the monthly cost would be higher temporarily, but it would be cheaper overall.

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