Owning my own house buy to go travelling.

Martinsteele

Hi Guys,

Just wondered if anyone has had this problem before and want some opinions on what to do.

I want to go go away for a year or two to travel the world a bit.

I own my own house with more the enough equity in it to rent it out but am in a fixed term repayment mortgage with nationwide, probably with 2.5 years left.

Question:
Will I be able to change it to a buy to let and interest only to get the maximum return or will there be a problem with this. Will I have to say I'm living with parents or anything like that?

Any advice would be handy, I'm just looking for the easiest most profitable way.

Thanks

Martin

dc197

I'm sure that many people on this forum will tell you that being a landlord, especially one who's away and difficult to reach, is not an easy job.

Only your lender can tell you whether they will allow you to change your mortgage type. Your equity will determine your LTV, and some lenders demand a certain LTV for a BTL mortgage, but otherwise the amount of equity doesn't directly affect your ability to rent your house.

G_M

Tenancies in Eng/Wales: Guides for landlords and tenants This thread is intended to provide information to both landlords and tenants relating to Assured Shorthold Tenancies (ASTs) in England and Wales.

Topics covered:

* Repairing Obligations: the law, common misconceptions, reporting/enforcing, retaliatory eviction & the new protection (2015)

* Deposits: payment, protection and return

* Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

* Rent increases: when & how can rent be increased?

* Repossession: what if a LL's mortgage lender repossesses the property?

* New landlords: advice, information & links

* Letting agents: how should a landlord select or sack?

hazyjo

Two threads running here. Dupe: https://forums.moneysavingexpert.com/discussion/5482827