From: "Matt Robertson" 
Newsgroups: uk.finance
Subject: Re: Help Mortgage Confusion........
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Date: Fri, 02 Feb 2007 18:44:42 GMT


"Inch High Private EYE"  wrote in message 
news:fyFwh.12212$4j.10878@fe35.usenetserver.com...
> Okay, but of a odd situation.....basically buying a place with a 
> residential mortgage over a 3 year discount period etc , but the place is 
> big enough to be converted into 3 flats , which is what i want to do , me 
> live upstairs , the other two flats paying the mortgage pretty much , very 
> deposit for the deal, i will go for all suitable planning permisson etc , 
> but the mortgage is residential , so after my 3 year deal is up i would 
> intend to change the product to a more suitable one for my needs , i guess 
> a buy to let deal , But i presume once it has been converted into 3 
> places.....will i need 3 mortgages etc ? or just one buy let for the whole 
> place ? or would i need a commerical mortgage which seem to be much more 
> expensive around 2% over base.... I know the residental mortgage company 
> may not be happy about my intentions and could possibly ask for the full 
> amount back etc due to change of use.....but maybe i'm wrong , i do hope 
> someone could shine some light on this for me , as its starting to confuse 
> me a tad......
>
>

If you were to take a mortgage out on a residential product and stay with 
the lender for the life of the loan, there would not know that the property 
has been converted into 3............