buy to let or normal mortgage

phill8282

I am looking to buy a house which needs 6months work on it, should i get an intrest only buy to let mortgage or a normal one, as i plan to rent it out after the 6 months work or have a normal one then switch after 6months. Also in 5 years i plan to live in it would i then need to revert back to a normal morgage .can any one see any problems with the switching

cheers phill

RHemmings

phill8282 wrote:

I am looking to buy a house which needs 6months work on it, should i get an intrest only buy to let mortgage or a normal one, as i plan to rent it out after the 6 months work or have a normal one then switch after 6months. Also in 5 years i plan to live in it would i then need to revert back to a normal morgage .can any one see any problems with the switching

cheers phill

I am no lawyer and this is not legal advice. But if you have a normal mortgage and rent the house out, then your tenants have less legal protection if you are repossessed. I've heard that they can be kicked out with no notice. This can effect you, as your ex-tenants could then pursue you for damages. I have seen it said that mortgage companies are happy with being "informed" that you are now letting the place out, but you might want to check out the exact legal and practical consequences of having a rented house with a normal, or ftb, mortgage on it.