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Remortgage on a property being let out
AntoineFR
Posts: 14 Forumite
Hi,
I have bought a property last year (First Time Buyer) with a 2 years fixed term mortgage with 90% LTV
due to a change of circumstance, I need to move to another place and I would like to rent out the property.
The lender allows me to rent to property and at the end of the fixed term I will switch to the STV. The lender specifies that I cannot change my mortgage product while the property is being rented but I could always remortgage with another lender.
My question is: what tpe of mortgage will I be looking into if I am still renting out the property? Remortage or buy to let? Based on my LTV, there are very few options available and the rates are very high (I might be better off staying on STV)
Cheers.
I have bought a property last year (First Time Buyer) with a 2 years fixed term mortgage with 90% LTV
due to a change of circumstance, I need to move to another place and I would like to rent out the property.
The lender allows me to rent to property and at the end of the fixed term I will switch to the STV. The lender specifies that I cannot change my mortgage product while the property is being rented but I could always remortgage with another lender.
My question is: what tpe of mortgage will I be looking into if I am still renting out the property? Remortage or buy to let? Based on my LTV, there are very few options available and the rates are very high (I might be better off staying on STV)
Cheers.
0
Comments
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A remortgage would have to be as a buy to let, for which it would appear you have insufficient equity.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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