Normal mortgage or buy to let?

Posted on 1 October 2008

I am in a bit of an unusual situation. I bought a flat which i lived in and could comfortably afford the mortgage (a 2yr fix). A year into this I moved in with my partner and am fortunate to not have to pay any rent to her. I now let out my property but am in no way dependant on this rental income to pay the mortgage - I can cover it with ease from my job income as it remains my only monthly outgoing. My question is this: when I remortgage will I have to apply for a buy-to-let mortgage or will I be able to get a normal residential mortgage? Initial inquiries have suggested that at least some lenders will not lend to me on normal residential terms - although they would if I didn't have tennants in and left it empty, which seems somewhat absurd. My mortgage is due for renewal in 2 months. I would really appreciate your advice. Many thanks

 

Hi, from what you have said your property is let and therefore you would need to take a buy to let mortgage.  However, I think you could benefit from a detailed chat with one of our advisers to really get to the bottom of your situation though.

They can be contacted on 0845 413 1053.

All the best

Bea

 

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