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Remortgage Let Property with Standard Mortgage

Dunmore
Dunmore Posts: 27 Forumite
Eighth Anniversary 10 Posts Combo Breaker
in Mortgages & endowments
I am currently renting out a property with an interest only buy to let mortage. I am looking to remortgage on a capital and interest basis.

My question is, if I am not reliant on the rental income to pay the new mortgage and I have no other borrowings (mortgages etc) will I be able to take out a standard (whole of market) mortgage on it?

Any advice appreciated

thanks

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If you are letting the property then you need a Buy to Let mortgage.

    You can get one on a repayment basis if you choose.
    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.
  • Dunmore
    Dunmore Posts: 27 Forumite
    Eighth Anniversary 10 Posts Combo Breaker
    GMS wrote: »
    If you are letting the property then you need a Buy to Let mortgage.

    You can get one on a repayment basis if you choose.

    Thanks for your reply.

    So even if I can cover the payments I would still need a buy to let mortgage because someone else is living there and paying rent?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    In answer to your question, yes.

    Remember only the interest element of the repayment is tax deductible. Capital repayments are made out of after tax income.
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