Converting home to buy to let to enable move?

[LouiseInLondon]

Does anyone have experience of taking out a buy to let mortgage on their current home, renting it out and buying a new home which would also require a mortage. I think we have enough equity as we don't currently have a mortgage, but the mortgages wouldn't be small as the potential new home is more expensive.

Interested to hear experiences/opinions before I start making phonecalls to mortgage people.

Thanks

We've done this in the past. Your best bet is to find an independant mortgage advisor and discuss with them. Try Unbiased.co.uk . I can recommend a good one if you want me to, BTL specialist but does loads of residential and commercial mortgages as well.

Thanks, will take a look at that sit.

sit = site!

We're looking into this at the moment. if it is only going to be short term ( as in a few years) it's worth checking with your bank as many will let you keep the mortgage you have. Buy to let mortgages usually have a much higher interest rate.

Hi - we investigated this option through an IFA so I would second that recommendation to go and see someone.

As I understood it, there is an option called Let to Buy and you can borrow up to 75% of the value of the house you currently own to put towards the price of the new house.

Thanks everyone. Will google "let to buy" and see what I find out.