Can I get a residential mortgage with immediate consent to let?
I bought a house but am renting it out as I’m working in a different city for a couple of years
Q I bought my house in 2015 with a mortgage with an interest rate fixed for two years. At the end of the two years at the beginning of 2017, I remortgaged onto another two-year fixed-rate deal. However, in November 2017, I secured a job in a different city. I subsequently let out my home to tenants and obtained a consent to let from my mortgage lender for the remainder of my fixed-rate term (due to expire at the beginning of 2019). I now rent a flat in my new city. I have, of course, completed a self-assessment for the income and so on.
I am concerned that I will have to switch to a buy-to-let mortgage the next time I am due to remortgage. I could understand if I owned my flat in my new city, that I should be subject to higher rates of interest because I would effectively own two properties. However, my house is my only property and I fully intend on moving back to my old city at some point in the next two years or so. It would seem unusual that I would have to pay a buy-to-let mortgage rate when it’s my sole property. Is it possible to get a normal residential mortgage with immediate consent to let in these circumstances?