Letting Out My Property

Does anyone on here rent out a property? I currently own my house & am looking at buying something bigger. I am toying with the idea of renting my house out instead of selling it. Any ideas how I would go about this?

Problem I have is I would need to take the equity of my house (around 18k) to put a deposit on a new house. Would this affect me as I am only 3 years into my mortgage. I took 85% LTV so im guessing this will not make it feasable, as technically I will be back up to 95%ish on my mortgage.

Hope that makes sense, I may be talking bollocks though..... haha

Your gonna need a 20% deposit for your by to let mortgage. I'm pretty sure there is a mortgage adviser on this forum although I can't remember his username.

Ahh so I would be taking a new mortgage out on my property would I. That makes sense, I did wonder if you just told your current mortgage company that u were going2 rent it out....

I'm not an expert mate but I don't think you got enough equity at the moment for the deposit on a new house while keeping your current one. Unless of course you got a lot of stuffed shoe boxes under the bed.

I'm a mortgage adviser and have been for 26 years, feel free to PM me.

cheers

Yea im thinking the same mate......just an idea I was having

Does anyone on here rent out a property? I currently own my house & am looking at buying something bigger. I am toying with the idea of renting my house out instead of selling it. Any ideas how I would go about this?

Problem I have is I would need to take the equity of my house (around 18k) to put a deposit on a new house. Would this affect me as I am only 3 years into my mortgage. I took 85% LTV so im guessing this will not make it feasable, as technically I will be back up to 95%ish on my mortgage.

Hope that makes sense, I may be talking bollocks though..... haha

I've been a landlord for ten years , if you do rent use a letting agency they charge 10% commision . Do your homework first .
It's not easy money at times , buy a book a guide to lettings amozon only a £10 .remember there's a tax liability good luck

I bought my son a house as he couldnt get being self employed you can get around buy to let if you rent your house to imediate family obviously thats just what it needs to say on the paperwork

Good program on last night about all that stuff... Seems more trouble than what its worth, with the amount of stress involved in evicting problem tenants Lol

No need to pm tomcat, you realistically can only borrow 75% on a buy to let mortgage. One or two
Options at 80% but much higher fees and rates.

Raising to 95% is difficult enough, let alone turning it into a BTL

Good luck though mate.