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darrene

Re-mortgage

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Hi there,

The preferential rate on my mortgage is due to expire in November and need to remortgage. I have not lived in the property for the last 2 years and have gained authorisation from my mortgage company to rent the property. I will shortly be moving overseas and have no immediate intention to move back in. This is my sole owned property so Can I get another personal mortgage or will I need to switch to buy to let? If so does anybody have any recommendations as to the best products?

Thanks for the help!

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Hi there,

The preferential rate on my mortgage is due to expire in November and need to remortgage. I have not lived in the property for the last 2 years and have gained authorisation from my mortgage company to rent the property. I will shortly be moving overseas and have no immediate intention to move back in. This is my sole owned property so Can I get another personal mortgage or will I need to switch to buy to let? If so does anybody have any recommendations as to the best products?

Thanks for the help!

You must get permission from your lender to rent out your property. You will almost certainly require a BTL mortgage. Alternatively you could sell it before the crash resumes.

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Thanks narrowescape. I have permission from my current mortgage company to rent out the property. Does anyone have experience of mortgage companes giving the permission to rent out property from the mortgage offer on a personal mortgage. I am keen to keep this as my sole residential property in the UK even if I rent elsewhere due to geographical work commitments and am not keen on much higher btl rates and capital gains tax if i eventually sell.

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Thanks narrowescape. I have permission from my current mortgage company to rent out the property. Does anyone have experience of mortgage companes giving the permission to rent out property from the mortgage offer on a personal mortgage. I am keen to keep this as my sole residential property in the UK even if I rent elsewhere due to geographical work commitments and am not keen on much higher btl rates and capital gains tax if i eventually sell.

Several residential lenders allow you 'consent to let' and you may simply be able to revert to the currently low standard variable rate when your product ends. If you are risk averse and need a fixed rate then your existing lender may even offer you another product.

If you move to another lender you will definitely need a BTL mortgage and at least 25% equity.

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