Hi all, I'm hoping desperately for some advice - can anyone please help me untangle the wacky world of mortgages and the implications for a SAHM with a property to rent??
I bought my flat about 8 years ago when I was working but since then, I've become a SAHM. The property has remained solely in my name although DH now pays the mortgage.
We have recently bought another house which needs substantial renovating and want to release equity from my flat to do it and at the same time, convert my current mortgage (currently not on a deal so just paying SVR with no early repayment charges) to a buy to let mortgage as we've just found tenants.
My questions are:
Do I need to transfer the mortgage/property into my husband's name to get a buy to let so they use his income to assess eligibility or can I qualify for a buy to let on my own (I think unlikely given I have no income)??
Can I release equity at the same time as converting to a buy to let ie could I switch mortgage provider and borrow a larger amount than what's outstanding so I/we get the balance in cash (I'm assuming it must be possible or else how do we release equity)?
Can I use the equity released to renovate a completely different property?
We thought we'd simply switch to a buy to let mortgage and keep everything else the same but our new home needs so much work, we now need to find more cash, which means having to release equity and complicate things!
Thanks for any advice