January 28th, 2008, 02:50 AM
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Join Date: Jan 2008
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Rep Power: 0 | |  Mortgage for house rental...?
at the moment we are 2yrs into a 3yr interest only mortgage on our first home. Ideally we would like to move but there is a large penalty if we move before the end of the 3yr period.
an option we have considered anyway is to rent out our current home to retain it as an investment and just to use the rental income to cover a majority of the mortgage.
does anyone know if we will need to change our mortgage before renting it out (ie would we need to change to a buy to let mortgage) or would we be able to rent it out on the current mortgage????
If we cant rent without changing mortgages then it would enable us to move quicker without having to pay the penalty.
Any ideas??? | |
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