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Would we need to change our mortgage?

catrionanic · 2017-01-07 17:05:43

We are growing out of our little house and would like to buy somewhere bigger in another couple of years. Ideally, we would like to keep our existing house and rent it out - neither of us have a pension in our jobs, so we thought we could hold onto this house as an asset and sell it off when our time comes to retired in…

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07-01-2017 6:05pm

#1

catrionanic

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We are growing out of our little house and would like to buy somewhere bigger in another couple of years. Ideally, we would like to keep our existing house and rent it out - neither of us have a pension in our jobs, so we thought we could hold onto this house as an asset and sell it off when our time comes to retired in another 25-30 years.

Our mortgage was a first-time buyer one. Would we need to change it to a landlords mortgage? Also, for our second home, would we be classed as mover-uppers and hence fall under the 20% deposit rule... or would we be classed as investors as we already have a property and hence need 30%?

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#2 07-01-2017 7:30pm
bbari

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Going by the personal experience,
Current mortgage will stay as it is.
New mortgage will not be an investor one and the 20% rule will apply.

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