Help - first time landlord(lady...)

travellergirl_2

Hi all,

My issue is this - I own a flat where my outstanding mortgage is just under £150,000 and the value of the flat is £450,000 (conservative estimate). I have credit card/loan debts of around £15,000. My plan is to chuck my job in and go travelling for a few years, rental income on the flat will be £1650 - £1700 pcm.

I want to switch to an interest only BTL mortgage and borrow a bit extra to pay off my debts and also have some back up travel/flat emergency money - say borrow an extra £30,000, so a total of £180,000.

I have looked at a couple of BTL mortgages and they seem to want a FTL to have an income in addition to renting out the property - which I won't have given I will be travelling.

Any tips on where I should be looking/anything I am missing? All help much appreciated!

Thanks