Linda21

Renting property in the uk

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    Hi, can anyone help. I'm looking into renting out our residential home in the UK and remortgaging with a buy to let mortgage (or let to buy) to release equity. If anyone else has done this recently can you please advise where we can obtain this mortgage? I've been looking but most banks, etc need you to make a simultaneous purchase which we can obviously not do! Any advice would be greatly received.

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    Hi, can anyone help. I'm looking into renting out our residential home in the UK and remortgaging with a buy to let mortgage (or let to buy) to release equity. If anyone else has done this recently can you please advise where we can obtain this mortgage? I've been looking but most banks, etc need you to make a simultaneous purchase which we can obviously not do! Any advice would be greatly received.

     

    Hi Linda, I looked into this a couple of weeks ago, I went through a couple mortgage advisers the main problems I encountered were, all of the good buy to let mortgage rates were not available to 1st time landlords. The mortgage advisers came up with the same problem as you are having simultaneous purchase, another issue is residing out of the country. He did find us a mortgage with Natwest 3 years the cost was £1995 with 3.34%.

     

    We had already sold our house but were just looking into it as an option we are exchanging tomorrow !

     

     

     

    Hope this helps

     

    Lorraine

    Edited by Lorraineandsean

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    Thanks for the info. I'll contact Natwest and see what they say. Fortunately we are not first time landlords as we have 2 other properties, so hopefully that will help. Thanks again and good luck with your move.

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    We were first time landlords when we transferred to a buy to let mortgage 18 months ago. Ours is through Birmingham midshires but we had a broker looking at all the deals for us

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