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Buy-to-let offset mortgages
rl290
Posts: 316 Forumite
Hello all,
I am currently on a standard owner-occupied fixed rate mortgage. However, in 4-5 months time I plan to move out of my property and let it out. I have no plans to move back into the property for the foreseeable future.
Clearly, when I begin to let out the property I will either have to come to an agreement with my current mortgage provider or re-mortgage the property as a BTL. I calculate that an offset mortgage would be most beneficial to me when I rent the property out. (I will receive a large lump sum of cash in the coming months + will have the regular rental payments building up). Does anyone know of providers of BTL offset mortgages? (Alternatively, flexible BTL mortgages that let you repay, but then claw back the money would provide all the same upsides).
As an additional piece of information, as I currently have a significant amount of equity in the property (>60%), in the future I may wish to take an equity draw down for investing/other purposes. I have an inkling that 18 months time may be a great time to invest in numerous markets...
Many thanks in advance,
rl290
I am currently on a standard owner-occupied fixed rate mortgage. However, in 4-5 months time I plan to move out of my property and let it out. I have no plans to move back into the property for the foreseeable future.
Clearly, when I begin to let out the property I will either have to come to an agreement with my current mortgage provider or re-mortgage the property as a BTL. I calculate that an offset mortgage would be most beneficial to me when I rent the property out. (I will receive a large lump sum of cash in the coming months + will have the regular rental payments building up). Does anyone know of providers of BTL offset mortgages? (Alternatively, flexible BTL mortgages that let you repay, but then claw back the money would provide all the same upsides).
As an additional piece of information, as I currently have a significant amount of equity in the property (>60%), in the future I may wish to take an equity draw down for investing/other purposes. I have an inkling that 18 months time may be a great time to invest in numerous markets...
Many thanks in advance,
rl290
0
Comments
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As far as I know there are no offset btl mortgages.0
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I have come across only one product so far:
http://www.bristol-west.co.uk/more/easyflex/mortgageRates/MoreEasyflexMortgageRates.aspx
Lloyds also used to offer one, but it seems that this has been withdrawn
http://www.offsetmortgagecentre.co.uk/buy-to-let-offset-mortgage.html0
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