Advice on mortagages for accidental landlords!

cafox

Hi there,
I am looking for some advice for my husband and myself as we are finding ourselves in the position of renting out our house due to a relocation. As a quick background, we currently live in Hampshire and are relocating to Bristol. My husband starts his new job shortly and we have secured a home to rent in Bristol for him. I will be joining in 2 months as I have to finish up my work here before I can move. We have decided to keep our current house on and rent it out as we do not feel ready to buy a new property before we even fully know the area we are moving to!
So far, so good, however we intend to rent out the house from early April and our current mortgage is up at the end of April. Therefore, we need to look for a new mortgage product before we obtain the consent to let from our mortgage provider as our current provider has told us they can't move us to a new product whilst we are letting.
Should we be considering an interest-only mortgage? We are only intending on renting out the house for a year so I believe that we do not need a buy-to-let mortgage. Or is this a terrible idea?
Any advice gratefully received!

YHM

If you are only renting the property short-term, a consent to let with your existing lender should suffice.

But yes, you will need to secure a new rate directly with them first. Which lender are you with? I would expect they would be reaching out to you soon with their retention deals anyway.