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What kind of mortgage, if any?

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Gemini100
Gemini100 Posts: 2 Newbie
First Post
in Mortgages & endowments
I would like to release some equity from my mortgage free house, by applying for a small mortgage.
I would make the repayments by renting out the property.
I live and work abroad.
I thought this would be classed as a 'buy to let', but I was wrong.
Is there any kind of mortgage/loan that would let me do this?
Thanks in advance!

Comments

  • kingstreet
    kingstreet Posts: 39,254 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Yes. It is a BTL remortgage on an unencumbered property. You will need a specialist for this if you are outside the UK. How small is small? You may fall foul of lender minimum loan requirements if too small.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • Gemini100
    Gemini100 Posts: 2 Newbie
    First Post
    I was looking at 45k...
  • housebuyer143
    housebuyer143 Posts: 4,256 Forumite
    1,000 Posts Third Anniversary Name Dropper
    Gemini100 said:
    I was looking at 45k...
    That should be enough, but it's the living overseas that will be the problem you are having. 
    Get a BTL broker on it and they will find you someone.
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