Switch residential mortgage to BTL, then buy new property with partner

[chris7 0]

Hello,

Have been doing some reading online and just thought i'd double check with the knowledgeable folk on here to confirm. Want to get started investing in properties!

I currently have my own mortgage with a 60% LTV. My partner and I would like to buy a new home together with a joint mortgage and we have our deposit for this. I don't want to just port/remortgage as my current home is in a good location for rent and i'd like to keep it for the long haul as a BTL. Will i be able to to switch over to a BTL easily as i have more than 25% paid off?

Is there anything i'm missing here/need to look out for? Any advice is much appreciated.

Thanks

[mortgageinfo 4]

Sounds like you have it sussed. You can either do a consent to Let with your existing Lender on your current home, or Remortgage your current home on a Let to Buy Mortgage.

You would then just take an ordinary residential Mortgage out on your new home.

Worth noting in the case of Let to Buy, both the Let to Buy and new Residential Mortgage would have to complete at the same time.

[chris7 0]

Anybody? 

[nicholas_b 46]

Yeah shouldn't be a problem at all. If you still are in a fixed term you can apply for consent to let, if your fixed term is coming to an end you can switch it to a BTL and look to take equity if you want. A mortgage broker will talk you through it.

 

Just be mindful about any potential tax changes such as 3% sdlt on a new one as well as paying tax on the one you're turning to a btl