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Remortgage or not?
Jroby85
Posts: 1 Newbie
Hi everybody.
My first post on here.
Basically, i'm interested in peoples views/advice on this situation.
I moved home in September 2010. I kept hold of my previous residential house and rented it to some friends on an informal basis. These friends have now moved out and the house is now about to go up for rent.
The current repayment mortgage has 21 years remaining and is at SVR 5.54% with monthly payments of £845. I still haven't notified the lender that i have moved.
The house is going to be let for £625pcm.
I was thinking of maybe remortgaging the house with a buy to let mortgage, keeping it on a repayment basis. Not to release equity, but to bring the monthly payments down and to get a better deal.
What do you think?
Cheers
My first post on here.
Basically, i'm interested in peoples views/advice on this situation.
I moved home in September 2010. I kept hold of my previous residential house and rented it to some friends on an informal basis. These friends have now moved out and the house is now about to go up for rent.
The current repayment mortgage has 21 years remaining and is at SVR 5.54% with monthly payments of £845. I still haven't notified the lender that i have moved.
The house is going to be let for £625pcm.
I was thinking of maybe remortgaging the house with a buy to let mortgage, keeping it on a repayment basis. Not to release equity, but to bring the monthly payments down and to get a better deal.
What do you think?
Cheers
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