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Original poster

Buy to let mortgage ending

5 replies

craftylady505 · 26/04/2014 18:41

Does anyone have a buy to let mortgage ending.
With the new criteria, I thought if anyone else has had problems remortgaging?
We have a good tenant that we want to keep in the property, but if the bank does not allow us to remortgage - will we have to sell the property?
Just wanted to know if anyone has experienced this?
Thanks

OP posts:

Original poster

craftylady505 · 26/04/2014 18:42

OP posts:

Notmadeofrib · 26/04/2014 18:45

When you say 'ending' do you mean the tied in period (this usually has an associated benefit like a fixed interest rate or similar)? The mortgage will not be removed unless it has completed the full term over which it was borrowed.

irishe · 26/04/2014 18:49

Not an expert on this, but saw an expert on tv who was specifically asked did the new mortgage lending criteria apply to buy to let mortgages, and the answer was no. So presumably you would still be able to remortgage if you met the btl criteria of the lender.

Original poster

craftylady505 · 27/04/2014 20:26

Thank you for your messages!

OP posts:

Windsorcastle99 · 27/04/2014 22:25

BTL mortgages remain unregulated after the new MMR rules came into force yesterday. You should not have an issue with remortgaging as long as you meet the lenders standard criteria (minimum income / rental cover etc). But why do you feel that you need to move lenders?

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