We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 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!
Renting with a Interest Only Mortgage
solosporos
Posts: 5 Forumite
Hi,
My girlfriends fixed rate deal is coming to an end in September. She has approx £104,000 mortgage and the property is worth £152,000. Basically, she wants to move in with me and rent out the property but will struggle to cover the rent if she switches to a fixed or variable deal. Would it be an option to switch to a Interest only mortgage and still rent it out or does she have to get a buy to let?
Cheers
My girlfriends fixed rate deal is coming to an end in September. She has approx £104,000 mortgage and the property is worth £152,000. Basically, she wants to move in with me and rent out the property but will struggle to cover the rent if she switches to a fixed or variable deal. Would it be an option to switch to a Interest only mortgage and still rent it out or does she have to get a buy to let?
Cheers
0
Comments
-
She needs permission from her lender regardless of the mortgage product.
If she cannot cover the rent it is almost certain that she would be better of selling. Might be a good idea to have a joint mortgage on your current property and paying ity off quicker with two incomes. Only you know how strong your relationship is.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.6K Work, Benefits & Business
- 600K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards