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buy to let to residential mortgage

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  • buy to let to residential mortgage

    Here's my situation, I am currently living with my girlfriend at her house however (not wanting to tempt fate)
    I'm concerned that if things didnt work out I'd have no roof over my head.

    The problem is I cant afford a residential mortgage and her rent so I wondered about getting a buy to let property , renting it, then giving me a backup place if anything happened

    My questions are:
    1) How easy is it to convert a buy to let to a residential mortgage (if I needed to)
    2) I understand a buy to let is interest only (so hardly ideal really)
    3) Any other options you can think of that would help me out

    Chers all

  • #2
    Re: buy to let to residential mortgage

    Hi there,

    In answer to your questions:


    1) How easy is it to convert a buy to let to a residential mortgage (if I needed to) Pretty easy as you would then just refinance to a residential mortgage.

    2) I understand a buy to let is interest only (so hardly ideal really)
    The extra monies from the rental you can put aside into a different bank account and pay down off the mortgage each year up to 10%

    3) Any other options you can think of that would help me out

    Just do what you are thinking as you are on the right track

    Ged
    http://www.premierexpatmortgages.com
    [email protected]

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    • #3
      Re: buy to let to residential mortgage

      Hi Symbiosis

      Just make sure you have the right insurance in place to be covered. You'll need landlords insurance for buy to let and normal home insurance for your own residence.

      The good news is they are pretty much a similar price in most cases.
      Jason McClean
      The Property Insurer
      www.thepropertyinsurer.co.uk
      T: 07734-113554

      Comment


      • #4
        Re: buy to let to residential mortgage

        You have to take the right insurance in place to covered.

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