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jameela
Stranger
Joined: 04 Nov 2004
Posts: 9
Cash Points ££ 15.00
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 Posted: Thu Nov 04, 2004 6:45 am Post subject: Looking for a Buy to Let Mortgage |
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Is there a rule or law which states that once I buy a house say on a normal mortgage, I can then change the purpose to to buy to let later ?
I.e. cost me less than a buy to let mortgage. |
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Deborah
Veteran Investor
Joined: 12 Jul 2004
Posts: 418
Cash Points ££ 1730.36
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| Posted: Fri Nov 05, 2004 10:42 am Post subject: |
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There is no law that I know of, but it will be a condition of your mortgage that you inform them truthfully the nature and purpose of the loan.
If you do go ahead and get a regular mortgage and then use it for buy to let, if the mortgage company finds out they then you will be in breach of contract with them, with whatever penalty clauses they have built in, which if worse came to worse an immediate repayment of the mortgage!
But what you could do is remortgage your own property and then use that money for Buy to let or anything else you want to use it for. |
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jameela
Stranger
Joined: 04 Nov 2004
Posts: 9
Cash Points ££ 15.00
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| Posted: Sun Nov 07, 2004 6:20 pm Post subject: |
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Deborah
Veteran Investor
Joined: 12 Jul 2004
Posts: 418
Cash Points ££ 1730.36
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| Posted: Mon Nov 08, 2004 10:12 pm Post subject: |
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| Generally if you let the mortgage company know in writing they will work out some sort of deal with you, either on a temporary basis or a permanent basis depending on your change of circumstances |
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