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Remortgage buy to let to regular

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Remortgage buy to let to regular


Postby Jimarilo » April 12th, 2018, 8:48 am

Hi, we bought a two bedroom house on a buy to let mortgage with a view to fix up and let

However, the house had been empty since 2011 and once we started fixing up the property realised it was going to be a more costly affair, needing a new roof, which was detailed in the home report as needing repair, but not replacement.

Being and "L" shaped bungalow on a large plot we decided that it would make more sense to built two walls making the property rectangular shaped and then replacing the roof, but with attic trusses.

So we sold the house we were living in and got planning permission and went ahead. We did tell the mortgage company and carried on with the BTL mortgage. We are living on site in a static caravan

The initial fixed mortgage term is up in August, but Virgin have sent new deals which need actioned by 27th April

We think we should be transferring our mortgage to a regular mortgage as we no longer will be letting the property, is it possible to do this ?

Since taking out the mortgage I have given up work to work on the house which has now got the extension up and new roof on windows are fitted and floors down, we are now starting on the plumbing and electrics

The outstanding mortgage we have is for £65k, we bought the property for £87k. The house now has 4 double sized bedrooms, 2 en-suits, 1 bathroom and large lounge, large open plan kitchen dinner. Basically it has 220 meters floor space, a couple of out buildings and a large garage.

The property is in Dornoch, Scottish Highlands

My partner works and has additional pension income which she realise last year when she turned 55. We both have lump sum pensions we can cash in and may need it to complete the property. As it is we only intend to live in the property for a couple of years and intend to sell it to down size and grow old peacefully

This has not been a bundle of laughs, but need to see it through, so any help would be appreciated

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Re: Remortgage buy to let to regular


Postby DrBunsenHoneydew » April 12th, 2018, 2:05 pm

The complexity of your situation and the urgency required means you will likely really need a mortgage adviser to help if Virgin can't transfer you to a standard mortgage (which is perfectly possible but you might be restricted to say 15 years duration, and that makes your wife's income the critical factor).

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Re: Remortgage buy to let to regular


Postby Jimarilo » April 12th, 2018, 2:44 pm

Thanks for your reply

I should have said that the current deal lasts until August, so only urgent if we want to keep with Virgin, who are offering favourable deals until the end of April

I was just wondering if there would be any issues in changing to a regular mortgage from a BTL

Our current funds could clear the mortgage, but would have to cash in one of our pensions to complete the house

I will give Virgin a call and see what they say


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