We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Do i need a BTL?

Chris_P_2
Chris_P_2 Posts: 194 Forumite
in Mortgages & endowments
I have a property owned outright which i want to remortgage to release some equity. i will let it out but only over the summer. Would i need a btl for this?

thanks

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Chris_P wrote: »
    I have a property owned outright which i want to remortgage to release some equity. i will let it out but only over the summer. Would i need a btl for this?

    thanks

    You will need permission to let your property from your prospective lender. They will determine the basis on which they will advance monies. Best to discuss your proposal openly at the outset so as not to encounter problems at a later date.
  • Chris_P_2
    Chris_P_2 Posts: 194 Forumite
    But when it comes to sourcing - should i be looking at BTL rates or not?:beer:
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Chris_P wrote: »
    But when it comes to sourcing - should i be
    looking at BTL rates or not?:beer:

    Is the property a holiday let?
  • Chris_P_2
    Chris_P_2 Posts: 194 Forumite
    well, I'll be letting it out over the summer :embarasse
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    On a regular basis, ie every year ?

    As the rental income would need to be sufficent to service the mortgage debt. Even during void periods.
  • Chris_P_2
    Chris_P_2 Posts: 194 Forumite
    Thats the plan. my income would be sufficent to keep up the payments during the voids
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.4K Banking & Borrowing
  • 254.1K Reduce Debt & Boost Income
  • 455K Spending & Discounts
  • 246.5K Work, Benefits & Business
  • 602.8K Mortgages, Homes & Bills
  • 178K Life & Family
  • 260.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture