Hi all,
I'm coming to the end of my current fixed rate deal( next month)and have been offered a remortgage deal with Woolwich. This remortgage will include extra borrowing to pay off a second charge on our property( equity loan as a key worker). It will take us up to 75 % LTV. We will be looking to let our current property out within this year but not sure of the exact date but I estimate it will be at least 3-4 months before we are in position to proceed financially with a second property so longer to find one and exchange.we want to go through the correct procedure when we do finally come to letting our property out in regards to letting the lender know our intentions. As far as I'm aware after looking at the Woolwich criteria for BTL we should be eligible for moving onto a BTL mortgage with them in the future. Now should I go ahead with the residential mortgage the Woolwich are offering and take the chance that we will be accepted on a BTL later. My worry is that we might be tied into a deal with Woolwich and when we come to let out the property they don't accept us going onto a BTL. Would a consent to let be an option then ?. An option would be to not sign a deal with anyone and wait until we are ready to let the property out and get both mortgages at the same time but would you then be able to get further lending on a BTL mortgage. We would need this to meet to pay off the second charge to meet the LTV ratio to get a BTL mortgage.
We have fully looked into what our commitments would be going into being a landlord and have a full understanding of what is required of us.
We want to do the right thing both for ourselves and with the lender etc
Any advice would be appreciated.
I'm coming to the end of my current fixed rate deal( next month)and have been offered a remortgage deal with Woolwich. This remortgage will include extra borrowing to pay off a second charge on our property( equity loan as a key worker). It will take us up to 75 % LTV. We will be looking to let our current property out within this year but not sure of the exact date but I estimate it will be at least 3-4 months before we are in position to proceed financially with a second property so longer to find one and exchange.we want to go through the correct procedure when we do finally come to letting our property out in regards to letting the lender know our intentions. As far as I'm aware after looking at the Woolwich criteria for BTL we should be eligible for moving onto a BTL mortgage with them in the future. Now should I go ahead with the residential mortgage the Woolwich are offering and take the chance that we will be accepted on a BTL later. My worry is that we might be tied into a deal with Woolwich and when we come to let out the property they don't accept us going onto a BTL. Would a consent to let be an option then ?. An option would be to not sign a deal with anyone and wait until we are ready to let the property out and get both mortgages at the same time but would you then be able to get further lending on a BTL mortgage. We would need this to meet to pay off the second charge to meet the LTV ratio to get a BTL mortgage.
We have fully looked into what our commitments would be going into being a landlord and have a full understanding of what is required of us.
We want to do the right thing both for ourselves and with the lender etc
Any advice would be appreciated.