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Buy to Let

tracybird
tracybird Posts: 2 Newbie
in Mortgages & endowments
Hi

Can anyone please please help me!! Im needing very urgently to change my mortgate over to a buy to let. I have been looking around at all the different companies and havent got a clue which one to go for! I dont want to be tied in for too long as im off to Australia with my partner at the end of the year and if all goes well would want to sell my house in the next 2-3 to emigrate!

Any help would be really appreciated!!

Regards

Tracy

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    What is the propty value?
    What is the mortgage outstanding?
    What is the expected rental income for the property?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Beddie
    Beddie Posts: 907 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    My suggestion is to contact your existing lender and tell them that you want to let the property. Most will charge you an admin. fee but leave you on the same rate, whereas buy-to-let tends to be higher.

    Hope that helps.
  • regularsaver1
    regularsaver1 Posts: 4,930 Forumite
    some lenders reserve the right now to change your product on a consent to lease basis and a fee

    BTL maximum loan to value is 85%, does this fit with your mortgage now tracybird?
    If you do this you will more than likely have a repayment charge with your existing lender and then arrangement fees with your BTL lender, and then management fees for the rental, and more expensive home insurance
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