Buy to let mortgage advice

carol7

Currently we have a holiday home and our main residence. We are looking to expand our business to where our holiday home is so we are looking to temporarily move there and considering letting out our main residence. There are two issues we need to consider - Capital Gains Tax when we eventually sell our main house and the mortgage on the main residence. I wondered if somebody could help with the mortgage aspect of this.
We do not have a mortgage on the holiday home. Our main residence is valued at £250,000 with a monthly rental valuation of £1,000. We have a total mortgage outstanding of 96,000. £63,000 of this is on a tracker which is currently on 0.19 above the base rate. The remainder was additional borrowing and is at 5.19%. The mortgage is with Cheltenham & Gloucester.
I understand that prior to letting out the property I will need to get consent to let but a quick search on the internet has indicated that if C&G do give consent to let they are likely to increase the mortgage interest rate.
Does anybody have any experience of what they are likely to increase the interest rate to. If there is going to be a significant change to the interest rate I should obviously need to consider remortgaging to a buy to let mortgage. I therefore need to find a broker who would be able to advise on appropriate products for my circumstances.
Any advice would be appreciated.

dimbo61

Well I would not worry too much about CGT.
If you sell within 18 months of moving out NO CGT.
You will both have a CGT allowance of £10,900 each.
No idea how much C&G will increase the mortgage rate by you need to speak to them.
Do you need the equity for the new business ?
Could you seek consent to let for 12 months and then see how things are going.
You own the holiday home without a mortgage so do not need permission off a BTL lenders to move into Your home.

GM has great advice about New Landlords so make sure you get it right