Overseas and need to switch from Resi to Buy to LetMake Text Bigger
In a nutshell, I left the UK to live overseas a few months back. I have a pot of money I’m living off and then in a couple of years I will sell 1 or 2 of my properties to pay off the others and live off that income (with house prices increasing, I wish to delay this).
My question is that I should have told my lender I had moved out my residential home when I left, but just did not get round to it. I now need to tell the lender I wish to switch to a buy to let to increase my cash flow and want to extend the mortgage term.
Do you think if I speak to the lender over the phone they will increase the mortgage term (which will reduce my monthly payments) while switching to the buy to let or am I opening a Can of worms telling the lender which yes I know legally I should have?
They may just switch me to a buy to let deal (at a cost) and wish to keep the mortgage term as currently is thereby increasing my monthly payments, which is the complete opposite of what I’m trying to achieve.
A consent to let is only 12 months so not really what I want as am not planning to return is honesty the best policy?
Or will it just cost me?
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