10:23 AM, 16th September 2013, About 8 years ago 9
I have been offered the opportunity to purchase a property currently containing tenants who are looking to stay for another 12 months.
I would like to buy the property now and then move into it myself when the tenants leave. My dilemma is do I apply for a BuytoLet mortgage or a Residential mortgage for the initial purchase?
I don’t think I can get a Residential mortgage because there are tenants in it even though I will move in in 12 months time, but if I get a BuytoLet mortgage will I be allowed to move? Even if I am allowed BuytoLet interest rates are usually higher than Residential rates.
Any suggestions gratefully received.
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