Renewing a residential mortgage on a Buy to Let property?Make Text Bigger
HSBC sold me residential mortgages on several buy to let properties, approximately 10 – 15 years ago. I converted all of them to interest only when I retired a few years ago, as the income is now part of my retirement funding.
HSBC is now refusing to renew any of the mortgages, as and when the term expires, unless I convert all of them to Buy to Let mortgages at the same time.
I never asked for this type of mortgage, they offered it on all of the properties that I was purchasing and even encouraged me to continue with this approach. They were told that the income was to be used for retirement, when I converted to interest only.
I would be interested to know if anyone else is in the same predicament, as now I am retired and have modest income, it is extremely difficult to renew a mortgage.
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