What Mortgage Would I Need?

[SimonTheSailor]

I have a house I own outright.
It's the only property I own.
Living in other places/areas/countries.......

Thinking of taking some money out of it, maybe only a tenth of its value.

So what mortgage would I need ?

A new mortgage ?
Re-mortgage ?
Buy to let mortgage ?

None really seem to fit the bill.

[Sarnie]

Whats happening with the property whilst you aren't living in it?

If nothing, then a Residential mortgage wouldn't be fit for purpose as they wouldn't agree for the property to be stood vacant.

If you rent it out then you could take out a LTB product.......but again, if the property was empty they would have an issue......as would the Buildings & Insurance provider, which you need to have in place in conjunction with any mortgage.

[SimonTheSailor]

Sorry should have said, have been renting it out for the past few years.

[SimonTheSailor]

It says with 'Let To Buy' mortgages you are taking out two mortgages with the same lender ?

I'm not buying another property ?

[Sarnie]

You need a LTB mortgage then....................but with a lender accepting of you not being a Residential owner occupier.....

[SimonTheSailor]

Excellent, thanks for you help

[Killer2005]

Sarnie said:

You need a LTB mortgage then....................but with a lender accepting of you not being a Residential owner occupier.....

If its been let over 12 months then with some lenders he wouldn't need to be a Residential owner occupier and would be a standard BTL.

[Sarnie]

Killer2005 said:

If its been let over 12 months then with some lenders he wouldn't need to be a Residential owner occupier and would be a standard BTL.

Potentially, depends on the circumstances as a whole.....

[SimonTheSailor]

Do you have to be over a certain age for equity release ?

[Mortgage_tom]

SimonTheSailor said:

Do you have to be over a certain age for equity release ?

Yes you do.

"Living in other places/areas/countries......." is an issue. You cant get a mortgage if you have no fixed address.

Being a landlord & traveller is complex from a mortgage point of view.