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From Residential to Buy to Let??
northernali
Posts: 2 Newbie
Hi There,
Looking for some advice... I currently have a 2 year fixed residential mortgage with Ulster Bank ( 1 yr left) for approx 75k on a property that is worth around 130k in todays market.
My boyfriend has just recently bought a property and I am keen to move in with him and rent out my own property. Would it be best to change to a buy to let mortage in a years time when my fixed rate is up or can I keep on a residential mortgage and rent to friends/ family .. and still call the property my primary residence to avoid tax implications on the income generated?
I've read elsewhere that some lenders give permission to let.. does ulsterbank do this?
If I was to change to a buy to let mortgage I understand that the rates would be higher, however would I also need a deposit as I know alot of lednder have a low LTV rate??????
Any advice greatly appreciated!!
Ps. The property would achieve £800 a month rental income at least.
Looking for some advice... I currently have a 2 year fixed residential mortgage with Ulster Bank ( 1 yr left) for approx 75k on a property that is worth around 130k in todays market.
My boyfriend has just recently bought a property and I am keen to move in with him and rent out my own property. Would it be best to change to a buy to let mortage in a years time when my fixed rate is up or can I keep on a residential mortgage and rent to friends/ family .. and still call the property my primary residence to avoid tax implications on the income generated?
I've read elsewhere that some lenders give permission to let.. does ulsterbank do this?
If I was to change to a buy to let mortgage I understand that the rates would be higher, however would I also need a deposit as I know alot of lednder have a low LTV rate??????
Any advice greatly appreciated!!
Ps. The property would achieve £800 a month rental income at least.
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