Buy to Let mortgage question

[Helenagrace]

Has anyone managed to secure a BTL mortgage for their famy home so they can rent it out?

Our current lender is making life difficult - they will give consent to let in return for a £1500 fee, an interest rate hike from 2.5 to 6.5% a three year tie in and a 3% redemption penalty. We're trying to remortgage onto a more competitive product but we keep getting turned down because it's not a new purchase.

It's not us that's the problem - we have 65% equity and the mortgage is just twice DH's salary. We also have a squeaky clean credit history. We just keep coming up against this bizarre rule that whilst they'd happily lend for a new property they won't do a remortgage on a property we already own.

We're renting where we're relocating to as it's only for 18 months and even factoring in the rent and mortgage payments we're well inside affordability criteria.

Has anyone else come up against this and found a way through?

That sounds fairly standard IMO (although it's about 3 years since I was working as a mortgage adviser so my knowledge may be a bit out of date). Most lenders will allow you to stay on your existing residential mortgage deal and let the property out for 12 months, is it possible to relocate for a shorter amount of time as this would be dramatically cheaper for you!

well it may be naughty but we are in same position as you (except that we are buying our next house) and we're just not going to let on to the mortgage company that we are renting, otherwise our interest rate goes up a fair bit. I know a fair few people who have done likewise (none are proper landlords per se, but have been unable to get their houses sold and wanted to move pronto).