Can you change a self-cert mortgage into a buy-to-let one?

Wednesday, 08 August 2007 12:00

Is it possible to change a self-cert mortgage into a buy-to-let mortgage on the same property?
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Drawing on years of experience mortgage adviser Katie Tucker - of mortgage broker John Charcol (www.charcolonline.co.uk) - takes one of our readers through what it would mean for their finances.

Ms Storey from Newcastle asks:

I have a property with a self cert mortgage. I am looking to remortgage on a buy-to-let is this possible?

I would need to release equity also? The equity will be for a deposit on another property. Are there many remortgage buy to let on the market?

Katie responds:
Yes this is a very common transaction.

You are free to arrange this as a normal buy-to-let using any buy-to-let mortgage.

(Sometimes we call it 'let-to-buy' instead of buy-to-let, because you already own this one and are letting it out and raising money for another one, but this makes no difference to your choices.)

If you have a question for Katie, go to www.myfinances.co.uk/askthemortgageexpert

For more information on the issues discussed here, go to www.charcolonline.co.uk or call 0800 358 5560.

Charcol Limited is authorised and regulated by the Financial Services Authority (FSA registration number 427339). The FSA does not regulate credit cards, personal loans or some investment mortgage contracts. Some Buy To Let mortgages are regulated by the Consumer Credit Act (CCA)

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