I currently have a standard mortgage on a house which i live in. In addition, I have a flat which i formerly lived in and as a "reluctant" landlord kept on when I moved out. I now rent this out to tenants but have been able to keep my old standard (ie not BTL)mortgage on this property with the agreement of the lender.
I am looking to move out of my house and rent this out. I acknowledge the fact that I need to inform my lender of this and that they may wish to increase the mortgage rate due to the change in circumstances ( I have a lifetime tracker, offset mortgage on my house). I have built up a deposit which I will put down on my third property and presume I will be limited to BTL products only due to the fact that I already have two standard mortgages?
Obviously my attraction to taking out a third standard mortgage is the lower deposit required and greater variety / lower cost of deals available.
Any advice welcomed - many thanks