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

 

Answers provided in response to Ask Bea are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of Charcol Limited. All comments are made in good faith, and neither Charcol Limited nor Bea will accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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