Mortgage Advice on Buying and then Renting.

benwh_2

Hi All,

Thanks firstly to anyone who reads and replies to this with some advice really will be appreciated.

So here is my scenario...

In about 6 months I may be moving abroad, however before then I want to buy a property and have that as some sort of investment as I would let it out. However, the problem I have is when I spoke to someone they said Buy to Let requires a much higher deposit and I only have a big enough deposit to buy to live.

The question I want to ask is therefore if I do get a buy to live mortgage and then leave the country in 6 months and change it to a buy to let will I be able to do that? And will I get stung with extra charges or will it just increase the monthly repayments? Trying to work out how I can do this really.

Thanks in Advance of your help.

Ben

kingstreet

You won't be able to change it to a BTL for the reason you have already given, you won't have enough equity. If you did, you'd do the BTL now!

You may be granted consent to let by your lender for a period of time, subject to an increased rate, a fee or perhaps even both.

Some lenders don't grant it under any circumstances, others will subject to your circumstances.

I suggest you choose your lender carefully to ensure you make the right decision. This is something an independent broker may be able to establish for you quicker than you doing the legwork alone.