Do we need a buy-to-let mortgage?

Rhys_Gethin

Hi all

My partner owns a property that has been on the market for months, with little success. We both want to move away from where we are at the moment particularly because of a job opportunity for me.

As attempts to sell have not been a success, we're looking at renting the property out. My question is this: BTL mortgages are more expensive than "standard", so do we have to have one? If we choose to live in a rented house elsewhere (i.e. we would have only one mortgage to cover), will that comply with the terms of a "standard" (and therefore cheaper) mortgage?

I'm hoping that a BTL mortgage is only required if and when we decide to buy a property in the new location, and hence are liable for two mortgages - by which time the economy will be in a healthier position, etc, etc.

I'm okay with the numbers (which are tight in any case, as the property was purchased close to the peak of the boom); I'm just looking for advice on avoiding the inflated interest rates of the BTL's, if that's possible.

Any help on this would be much appreciated.

Thanks

RG

Mumto2

When my husband & I got together, we rented his house out. We told the lenders (Nationwide) and they were happy for us to keep the same mortgage.

It was 7 years ago though and a lot has changed in the housing market since. Probably best to give them a call.
HTH

churchrat

I think you will find that you need the lenders permission to rent out the house, and so you will need to contact them, regardless of the type of mortgage.