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Hi my names christie and I currently own one residential flat which I let out 2 rooms and I live in the other.
I've owned the flat for 6 months and due to succumstances changing would like to move out and change it into a buy to let, I've heard this is possible but wasn't sure how easy it was?
it get a little bit more complicated … my original plan was to carry on living in my flat and save up for another deposit which I now have to invest in my first BTL but due to succumstances changing its not the best time for me to invest in a BTL yet.
In the future though I still want to plan to buy a buy to let, so the question is , is , would it be possible for me change my current residential mortage into a BTL and then in around 8-12 months buy a new resdidential flat on a residential mortage to live in? if this is possible? if this plan worked I would have a residential mortage so in theory would be able to save and purchase my second BTL? That's what I want to do but not sure if its possible?
Any advice and tips would be really warmly welcomed,
Many thanks ,
P.S. im not the best spelling and my grammer is pretty bad so please forgive me lol
Hi Christie and welcome.What you are proposing is perfectly possible and there are various options.If you do not wish to release equity, you can simply contact your current resi lender and ask them for what is known as "consent to let". Most lenders agree this, but some only for a limited period and they may increase the interest rate slightly.The other option is to take out a BTL mortgage to redeem your residential loan. If you have significant equity in your resi property, you may be able to release some to use for your next property purchase.See - Using residence as stepping stone to BTL As always, a reputable broker like the team at Property Tribes Financial Services on 01206 654444 can assist you in the process of achieving your property goals by finding you the most appropriate finance, both resi and BTL.Hope that helps and good luck!
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thank you Vanessa
Hi Christie, we may indeed be able to assist - please call us anytime on 01206 654 444 or email us at firstname.lastname@example.org with your details and we can call you back to discuss further.
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I don't see why this couldn't happen.
The case will be regarded as a Consumer BTL mortgage. Not all lenders require you to have a residential mortgage; You will have to move out when the new BTL mortgage starts, and the lender will need to know what your new residential situation will be. So, you could go into rented, or live with relatives, while saving up for your new residential mortgage. We will of course need to know what your individual circumstances are, but once we know that, we can start to look at what mortgage products are available to you.
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Your resi mortgage might be on a repayment basis, and swapping it to a BTL mortgage may allow you to change to an interest only variant, meaning greater cashflow. Of course you'll have to consider how you'll be re-paying the mortgage one way or another!