Can I switch my residential mortgage to interest-only? PLUS: Can I extend this tenancy myself?

It’s another week which means it’s another episode of Ask Rob & Rob, and we’ve got two fantastic questions…

First up we’ve got Adam. He’s been saving up so he can start investing in buy-to-let properties in the north.

Currently, Adam owns a property in London which he has a repayment mortgage on. He has 45% equity in his property but he doesn’t want to put any more down as he wants to achieve something with a good return and growth.

He’s been looking at Manchester and Liverpool as potential options, however, he would like to purchase his next property in his personal name.

So, Adam wants to know if there’s any products available to have an interest only mortgage on his personal property, and if so, do we think this would be the right and best approach for Adam.

Listen to find out.

Next we have Mark who owns a property in Birmingham. There’s a fixed term tenancy contract in place and the first year is ending in June. The tenant has expressed interest in extending the contract for one year.

Mark isn’t particularly happy with the agent that handles the contracts and Mark would like to handle them himself going forward.

So, he wants to know how he should handle this contractually and also in terms of the deposit scheme which was also handled by the agent?

Is this something Mark can go forward with?

Tune in to find out…


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