Moving over to buy-to-let

Shugster

My flat is currently on the market for £100k, mortgaged up to £90k, but as the market is very slow I'm looking to change my mortgage to a buy-to-let with no redemption charges, what would you reccommed?

I've moved in with the girlfriend, and thinking about going into a joint mortgage with her, so how much equity do we need to release from her house to make renting my flat out at £450 pcm viable?

Also I should go and see someone about this, and explain it fully in person, so who's the best person to see in the cheshire / manchester area?

Sorry for so many questions, but my current fixed rate of 3.79 runs out next month and the default base rate price is scaring me!

herbiesjp

You will hard pushed to convert to BTL - these rates are higher than reseidential rates anyway.

Who is your current lender? Why not ask them if they would give you consent to let, and if so would you be able to get standard rates

Shugster

I was under the impression that if you did buy to let then you were basically on an intrest only mortgage, and they based it on the level of income you got from the property, the only restriction being that it's around 80% ltv value rather than up to 100% with residential.

It's currently with Halifax, and they don't do buy to let, and it's £75 to even apply for the possibility of renting it out :mad:

payless

I have found that lender fairly helpful for a number of my clients in offering a new deal (OK not market leading- but better than many B2L rates) and consenting to let.

Sometimes the simple route ( which may mean the adviser won't get paid! ) is the best