House buying help

[LesBleuMiserable]

How will your mortgage provider find out if you have gone into your overdraft? If you have formal offer I think you are fine unless you cannot meet your repayments when they start. Congratulations on your new home by the way!

 

[denislawsbackheel]

Chinese Walls situ?

Not necessarily.
If anything goes wrong with the purchase that is the solicitor’s fault how do you instruct your solicitor to act against himself?

 

[Mikeegrini]

Sorry to hijack the thread but I please could somebody kindly help advise on the below..

For buy to let I understand you need a 25% deposit required to apply for BTL mortgage and in addition there's no guarantee you will be able to let the property out even when using agencies etc. May I stress my motives for buy to let aren't to make any form of additional income for me personally (which would be nice) it would be to maintain a mortgage for a couple of years and to use any additional revenue for maintenance and repairs etc whilst I reside elsewhere for the short term.

What is the possibility of me buying the house through a usual residence mortgage and after the year approaching the mortgage provider to request moving on to a BTL mortgage? Is this a realistic approach or something that generally won't happen?

*In addition, I do have every intent of moving in to the property after a few years.

I have a standard home owners mortgage with Nationwide, they have an option where I can rent out my property but load the interest rate by 1%. Once the initial discounted interest rate has expired the interest reverts to their SVR plus 1%. I cannot change product with them until return as resident myself though obviously I can deal with other mortgage providers.