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Changing Residental Mortgage to BTL ??

  • 30-07-2020 10:09am
    #1
    edenbridge146
    Registered Users Posts: 153 ✭✭


    Currently in a 5 bed detached house worth 550,000
    Tracker mortgage on property with BOI of 68,000 - 8 years left - repayments are 612 a month
    2 adult children living in the home too attending college
    House has a granny flat on side of property which is rented to a family member and generates an income of 8,000 and covers current mortgage comfortably all above board and is a HAP tenant

    I'm looking to purchase another property as i'm only working fulltime last 5 years due to rearing my kids etc. and my pension is non existent.
    The thing is my husband is 67 and i'm 46.
    I went to BOI to query about equity release and their conditions was a minimum of 5 years to a maximum age of 70
    So thats ruled us out due to the hubbys age

    We have over 400 k equity in the family home
    Looking to release 50k as a deposit on a BTL for a house worth in region of 200,000 and i can't get it!!
    I am a public service worker on 50k so in permanent full time employment too

    Is there anyway around this

    Would it mean surrendering my Tracker and changing the mortgage on the 'family home' to a BTL mortgage on the family home ?
    Or transferring the property to my name only obviously with a supporting legal clause that i'm not going to kick hubby out etc


Comments

  • #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    I'd go and talk to a broker, preferably one with experience of BTLs.

    If the mainstream banks can't help, they should be able to approach one of the specialist mortgage providers for you.


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