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Remortgaging a rented property. Do I now need buy to let?
Mrs_SCW
Posts: 14 Forumite
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;)
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;)
0
Comments
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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.0 -
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-VivienneI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. I follow MSE's Mortgage Adviser Code of Conduct & any posts on here are for information & discussion purposes only & shouldn't be seen as financial advice.0 -
Dont forget you face capital gains tax if you rent out for more than 3 years!0
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and there is a change for taxation coming re holiday letsI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. I follow MSE's Mortgage Adviser Code of Conduct & any posts on here are for information & discussion purposes only & shouldn't be seen as financial advice.0
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