change mortgage to buy to let

help?_3-2

hi
could anyone give me some advice on the above?

i have my house up for sale at present and i am planning to move abroad,
someone suggested to me rather than sell rent it out. (good idea i thought)
but i was hoping to use money made on property to set me up in business etc...

house value 130k
mortgage aoutstanting 35k

my credit rating is not good

how dificult would it be to remortgage to buy to let

thanks in advance

i have reposted this here as i got no replys in mortgage section

clutton_2

you dont give us anywhere near enough information for me to offer you any sensible suggestions. I think firstly you need to talk to 2/3/4/ local letting agents (make sure they are member of ARLA or some other professional body) - find out what rents are for your house; find out what % /tenant finding and lettings fee they charge.

Letting property is NOT something you should attempt yourself if you are abroad. A good agent is the key to all this.

Find a good independent broker who can advise you on what sort of mortgage you might be able to get with a poor credit rating.

let us know how you get on.

sarah1974_2

Speak to your existing lender. They may give you permission to let the property without remortgaging it. With the amount of equity you have got I would be suprised if they said no.

amboy

more and more lenders are not being put off now with BTL. Speak with existing as they realise they would be losing you and having so much equity they may be willing to allow it.

They will want to make sure you do it right and the use of a good Letting agent not that i use any, but in your case as you are abroad is crucial.

Property_Fox

Given the amount of equity you have in your current property, you should be able to obtain a buy-to-let mortgage. The amount you can borrow will depend on how much the rental income is going to be. You should seek advise from an independent mortgage broker and if you would like a recommendation in this area, then please let me know.

help?_3-2

hi guys
thank you for your replys.
the reason for lack of information is that it was just an idea a friend put in my head,i have already decided to move to spain.
but since suggested it i thought it could be something i could look into.so the idea would be instead of selling i would rent through a management company.

rental i should expect between £550-£600 per month before fees
i would look to have a total mortgage of £95k
of which i would use £20k on a deposit of another house this house would cost £70k i would expect £360 per month before fees
i would have mortgage of £50k on the second property

the rest would let me move to spain and help me get started over there.

so my options are
1 carry on and sell my property and cut my ties here?
2 to let my own property and take on another tol et?

as i said the ball is already moving as my house is up for sale, im just looking for some advice on the viabilities of buy to let.

the area i am is pretty easy to letso i am told " my house is close to the local hospitals""the other would be on a local councel estate"

Debt_Free_Chick

help? wrote:

the area i am is pretty easy to letso i am told " my house is close to the local hospitals""the other would be on a local councel estate"

Who is going to manage the property whilst it's let? As a landlord, you are still responsible for maintenance of the property. Who will the tenants go to if they have a problem? Who will vet/choose new tenants and advertise the property when you need new tenants?

help?_3-2

as i said it would be done through a local mangement company.

thanks

Iam just trying to find out if it is afeasable option,other wise i just carry on with the orriginal plan of sell and move on