Remortgaging a rented property. Do I now need buy to let?

Mrs_SCW

Hi
I'm a young homeowner and need some advice on my mortgage.
I lived in my flat for 5 years and then started renting it out last year so I could go travelling. At the time my mortgage deal had ended so I have been on the SVR with my mortgage company as this seemed to be the cheapest thing at the time. I let the bank etc know I was renting it out so they were aware I was not living there. Apart from paying a fee so the terms and conditions could be changed, there was not much else I had to do.

My property is still rented out to tennants and I would like to remortgage soon with the inevitable rise in SVRs coming up.

Do I need to get a buy to let mortgage now if my property is rented or will a normal remortgage deal do?

Thanks in advance;)

_Andy_

If you want to change lenders it will be a BTL.
If staying with current lender they may allow you to continue on residential/consent to let terms.

V_J_Conn

Depending on your loan and the value of your property will depend whether you can get a BTL loan.

Best bet is to see what your present lender will offer, find out what the best buy to let mortgage is and assess associated costs.....

BuyToLet-Vivienne

dimbo61

Dont forget you face capital gains tax if you rent out for more than 3 years!

V_J_Conn

and there is a change for taxation coming re holiday lets