Change my buy to let mortgage

maggymoo

I know it's a long way off but i was just wanting a little advice really. At the moment i have a fixed rate mortgage which is buy to let and runs out in October 2009. I think i was advised wrong because this is the only property i own and rent it out at the moment.They put my Mortgage up by £60 per month because it's buy to let. When i think it should be just a normal mortgage.
My Husband is in the forces so we live in forces housing the reason for renting my house out.

My question is does it have to be buy to let when i change it? Can just be a fixed rate mortgage and me just get permission to rent it out? Also i want to add my Husband onto the new mortgage when i change it in October is this simple to do?

Sorry if this is a confusing post just wanted a little advice really it's playing on my mind lol

Thanks in advance

silvercar

Generally if you let a house out you should have a BTL mortgage.

If you were living in the property and then decide to let it out, you can get "consent to let" from your lender rather than change to a BTL mortgage.

If you are thinking of changing mortgages and letting the property from the start, you will need to get a BTL mortgage.

Even though the revenue will give you tax advantages on CGT for the home not being your residence, due to being in a forces home, lenders don't generally allow residential mortgages for let property.

maggymoo

Oh right!! I just thought with a few people saying to me you only have to have a buy to let mortgage when you are renting out more than one house? I remember someone saying this to me with my husband being the forces it could be just a normal one? Dunno?? That there is mortgages that deal with forces?

Thanks for your advice

Gorgeous_George

Move in, get the mortgage, move out, rent it out.



GG

maggymoo

lol not really possible i have a good tenant cannot really do that to her. I think they are hard to come by!! Not as simple as that really lol

PayDay

Gorgeous_George wrote: »

Move in, get the mortgage, move out, rent it out.



GG

You give landlords a bad name george. The mortgages lenders permission to rent, would still need to be granted.