Hi there,

I have a property with a 15 year interest only mortgate left on it. It is a self cert mortgate. My fixed term is due to end at the end of the month. It is a residential interest only mortgate with 300k left. Property is now currently valued at 950. I have converted the property into several bedsits and in one of the rooms I am the resident. I would like advise converting the mortgage to a buy to let. Will this be an easy process? I am not employed and am 60 years old. My olny income would be from the rent I receive.

I have several questions which I am unclear about. If anyone can help contribute some answers I would be gratefull.

1. Would I still go down the path of a self cert application?

2. because I live at the property and also let other parts out, would this be classed as a commercial mortgate instead?

3. Would I need to put a deposit down if I go to another lender?

4. When moving accross to another lender, I do not want to borrow any extra funds, I just want to make it a repayment mortgate so I can continue to pay of the remaining 300 thats left.

5. My only source of income is the rent so will this be an issue as part of the application?

Apologies for the long list of questions and also if these questions has been raised repeatedly in the past.

thanks for the input.

MZ