Thinking of renting my house out, which will generate £800 per month. The property is worth £279.00 with an £111,000 mortage.
| Related: | Property, Home & Garden•Property & Living•Renting Property |
Its presently on interest only, and I want to take sum equity out of the property approx. £15000. Should I switch to buy to let mortage, is that the best way of raising the cash?
Answers (2)
Im not sure you will have an option! When you rent out your property you should notify your mortgage provider who will almost definitely make you switch to a buy to let mortgage. Obviously you will then be able to release equity but it is worth discussing the matter before you make any decisions with your current provider.
Yes, The Bandit is right. Your mortgage company will require you to change your mortgage to a buy to let one.
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