Dracoro

Anyone had experience doing this? What I need to know is, do I have to change my mortgage ro can I carry on with the one I've got? I've been living here for 18 months or so and may have opportunity to work away or abroad.

thanks in advance peeps.

MarkO

You'll probably need to switch to a 'buy-to-let' mortgage. We looked into this, and our lender (Bank Of Scotland) said we could retain the same mortgage, and rate, but technically it would become a rental one. They required a standard tenancy agreement, and also said that the flat's income, after management, would need to exceed the monthly mortgage payments by 25%.

Of course it may be different with your lender - your best bet is to phone them and ask.

matt.bowey

http://www.scoobynet.co.uk/bbs/thread.asp?threadid=95615