Interest only buy to let?

Jonesy619

Hello

I currently have an apartment that was bought in 2006 for £136,000 on a fixed-term 100% repayment mortgage at 6.4%. My monthly payment is roughly £900. In December, the fixed rate term ends and I will be able to change my mortage. I can't sell as I am currently in negative equity.

I am hoping to buy a house with my girlfriend so I wondered if it was possible to change the mortgage on my apartment so that I only pay interest and then rent it out?

Many thanks.

Cannon_Fodder

You'll probably need a 20% to 25% deposit to do BTL...

You could try asking the lender to accept that you need to rent it out on an "accidental" basis, as you "want to move in with your girlfriend", which they might permit for a year or so, for a smallish fee, but having that mortgage remain on a residential basis will limit your ability to get a joint mortgage together.