Hi All,
I obtained consent to let from NatWest about a year and a half ago, on a property that I intend to continue letting for the foreseeable future. I'm currently on a fixed rate deal, which ends in March 2013. I'm on a repayment mortgage with 22 years left. My LTV is about 60% (conservative estimate), monthly interest is currently about £330 per month and rent is £844 pcm.
My question is around what exactly happens when that fixed rate deal ends.
NatWest is very vague on the topic both on their website and in the documents they sent me. All they say is that if I want to take out a new "deal", then I would have to apply for a BTL mortgage. That makes sense.
But what if I just let the existing mortgage continue on their SVR (currently 4%)? Is that even an option? I want to avoid a BTL if possible as the booking fees are absolutely ridiculous.
I understand the first response from some here might be "why don't you ring them to find out?". Of course that's an option. But I don't want to unnecessarily bring their attention to something that would not be in my favour (i.e. forcing me into a BTL at short notice).
If anyone has been in the same situation and can offer some advice on how to handle the situation, I'd be very, very thankful.
Cheers,
cpdc1030
I obtained consent to let from NatWest about a year and a half ago, on a property that I intend to continue letting for the foreseeable future. I'm currently on a fixed rate deal, which ends in March 2013. I'm on a repayment mortgage with 22 years left. My LTV is about 60% (conservative estimate), monthly interest is currently about £330 per month and rent is £844 pcm.
My question is around what exactly happens when that fixed rate deal ends.
NatWest is very vague on the topic both on their website and in the documents they sent me. All they say is that if I want to take out a new "deal", then I would have to apply for a BTL mortgage. That makes sense.
But what if I just let the existing mortgage continue on their SVR (currently 4%)? Is that even an option? I want to avoid a BTL if possible as the booking fees are absolutely ridiculous.
I understand the first response from some here might be "why don't you ring them to find out?". Of course that's an option. But I don't want to unnecessarily bring their attention to something that would not be in my favour (i.e. forcing me into a BTL at short notice).
If anyone has been in the same situation and can offer some advice on how to handle the situation, I'd be very, very thankful.
Cheers,
cpdc1030