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01 June 2010

Changing repayment mortgage into a buy-to-let.....any advice please?

I own a flat - mortgage outstanding is £32k, value is now in the region of £100k. I intend to buy a house with my partner, but am keen to hold onto my property and rent it out, not necessarily to make money now, but as an investment (ten years left on that mortgage). I have around £30k for a deposit so don't desperately need equity from the flat. I'm currently on a variable rate mortgage after the fixed term came to an end last Nov. Has anybody any experience of changing mortgages - is it better to stay with my current lender or should I be looking around? Any advice would be much appreciated - ta :)

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