Buy to let remortgage query

subcapsular

Hi I purchased a property approximately two years ago that needed a lot of work doing. Funded through small amount of savings and rest as a loan from parents and family. No mortgage was taken out. I've spent the last year renovating the property and getting up to a good standard. Value has also increased a little since I purchased it.

Initially I was going to live in the property but due to my Job circumstances changing I am going to move back in with parents for the next two years (job is a five minute walk from there house)

Now I don't want to sell the property it let it out, if also like to release some equity from it to pay of my loans to friends and family.

Would I get a buy to let remortgage? Earning a decent start no credit issues and no real debts apart from a car which is around 6k.

Would I be eligible for a buy to let on this property seen as it is my sole property ?

Thanks

clarky_cat

Hi, I'm not expert but in a similar position and finding the minimum LTV to get a BTL mortgage is 75%.

kingstreet

Max mortgage is usually lower of 75%, or the amount covered by rent = 125% of monthly mortgage interest assuming abut 6% per annum.

subcapsular

Hi ltv isn't an issue as if probably only borrow 50 percent. Question is I called Virgin yesterday for a quote who said I wasn't eligible as I havent owned and lived in my own house for 6 months so buy to let I don't need criteria.

Which I don't get as I've owned this propert for 2 years! It's just mortgage free at present and now due to change in circumstances rather then live in it I wish to let it out!