Introduction

[GARETH ELLIOTT]

Hi!

 

My name is Gareth and I live in the little industrial town of Warrington! 

 

I work as a Business Analyst and I have a keen interest in property.

 

I am new to all of this, not actually being a homeowner myself yet. However listening to the 'Property Podcast' and the 'Property Geek' podcast has really peaked my interest and my knowledge! I now have a clear goal to be on this Hub as a fellow investor ASAP.

 

So I'd like to ask a question; If say I got a cheap house to get me started, between 60-70K and lived in it a few months whilst getting it ready to let....If I wanted to then move out to live with family or rent myself, how easy would it be to switch from a personal mortgage to a BTL? I know they would adjust the interest rate but would they also need 25% equity in the property?

 

Any information on this would be great!

 

Thank you all, look forward to chatting!

[John Evans]

Hi Gareth,

 

Welcome to The Hub.

 

I would always recommend getting in contact with your existing lender as soon as you intend on letting your property out and asking their permission. This is called a consent to let letter.

 

Some lenders are more lenient then others so it depends how much equity you would have in the property and also about your own personal circumstances.

 

Good luck with everything and let us know if there is anything else that you have concerns or questions about.

 

Regards

 

John