Jump to content
charles d

Remortgaging a Right to Buy property to BTL.....HELP!!

Recommended Posts

Hi All,
 
I'm back with another dilemma. In 2018 myself and wife had the Right To Buy (RTB) our flat from our local authority which we progressed with this. We opted for a 2 year residential mortgage. Shortly after completion we had found out we was expecting a child and we had to plan to purchase a larger property as our flat was not going to be big enough for our family. We asked our mortgage lender and local authority for permission to let which they did grant our request.
We purchased a house and rented our flat.
 
2 years on our mortgage deal is coming to an end and we would like to re-mortgage our property but thought it would be better to switch to a Buy To Let mortgage.
 
When we was exploring our options with our mortgage advisor he hit a snag because all the lenders have no products if you are still within the 5 year period of the initial RTB purchase. When we briefly looked at a product switch with our existing lender the option to do so was not available and a message had said it was currently being let.
 
We are in a bit of limbo now because it seems that the option to remortgage on a residential would not be possible because we do not live in the property and not going to move back in.
 
To move to a BTL mortgage is not an option because lenders do not lend to customer within the first 5 years of their purchase.
 
If we knew this was the case we would've opted for a 5 year mortgage.
 
Has anyone had any experience with this scenario or is there any mortgage advisor who know a way around this issue.
 
Your advice would be greatly appreciated.

Share this post


Link to post

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×