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Changing to a BTL to residential without affordability

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Author Topic: Changing to a BTL to residential without affordability  (Read 83 times)
Posts: 3

I like property

« on: March 01, 2020, 10:04:42 PM »

Hi all,
I bought a house with an unregulated BTL mortgage using my divorce settlement as deposit with a fixed five years mortgage.
I also have a residential mortgage on a small flat where I reside.
Now my partner who lives separately decided to move in with me. My flat is too small for us.
We would like to move into my house. I have two questions:
1. I canít pass the residential Mortgage affordability on this big house.  I mean I can easily afford the payments , given my life style and the fact my partner will share half the living cost, but my sole income wouldnít qualify for this amount of residential mortgage. Can I still change my mortgage to residential?
2. Iím turning the loft into a separate flat to rent out. What would happen to that if I switch to residential?

Thanks in advance. Too complicated I know.
Global Moderator
Sr. Member
Posts: 400

I like poetry

« Reply #1 on: March 03, 2020, 06:17:17 PM »

Your best bet is to have a chat to an independent mortgage broker. It might cost you a few quid but they should be able to point you in the direction of a solution.
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