📨 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!

Buy to let morgages,definition?

Options
I have recently been looking into letting out my property but am unsure about the buy to let morgages.
My current morgage has expired and i would like to consolidate some existing debt,remorgage and let out the property.
I have the opportunity to travel for a short while but not until the end of the year so would it be worth me taking out a buy to let morgage so soon?
I have spoken to a broker and he recommended a 'morgage works' product but i still don't understand if the morgage is based on a fixed rate or whether it will be variable and the repayments will vary as the interest rates go up.
Any advise on the subject would be appreciated

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If you take a BTL mortgage you cannot reside in the property so if you are not ready to move out do not complete on it.

    The Mortgage Works offer fixed and variable mortgages so get the adviser to clarify if you have any queries with it.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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
  • 351.1K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599.2K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K 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.