Do i need a BTL?

Chris_P_2

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

Thrugelmir

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

But when it comes to sourcing - should i be looking at BTL rates or not?:beer:

Thrugelmir

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

well, I'll be letting it out over the summer :embarasse

Thrugelmir

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

Thats the plan. my income would be sufficent to keep up the payments during the voids