Q: We are considering renting our current house and buying a new home. So our current house would change the principal residence for investment. The new property / mortgage would I would get my new primary residence. Do I have to notify my current mortgage company that the property be a property now? Will they raise my rate if I do this?
What on the new mortgage, as its my primary residence should I enter as primary home loan home loan or half?
A:I've done this – before you remortgage on a BTL mortgage (with all the expense involved) contact your current mortgage lender – they may well allow you to rent out the property, even if they increase your rate a bit. BTL mortgages are usually at a higher rate than standard mortgages so there may be very little in it, financially speaking.
Also, if you stay with your existing lender, and you need to move back in, you just let them know and they'll readjust your rate again. If you've got a BTL mortgage, there's no way you can move back there until you remortgage again.
Mortgage Express are strong BTL mortgage lenders if you want to get a quote
A:You will need to change your original mortgage to Buy To Let (get a quote on this from your Lender before you make any decisions, then you will need the evidence of the rental income on this to then facilitate a second property on a normal mortgage. Speak to a no fee broker for a no obligation quote.
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