Hi all.. just wondering would my mortgage company change my mortgage to intrest only when i finish my T/D as i would like to rent it out , or would i have to wait for a few years untill after the 6 years ect . I have 10 months left untill i finish my T/D fingers crossed and everything else as well < or am i stuck with this company untill i have some sort of credit again. As i had to stay with them for 3 years or pay the penlty klose , i am assuming no other company would let me take the house on intrest only thanks for any advise

Hi sharkey.

If you tell your mortgage lender that you want to rent out your home they may change the terms of your mortgage. Buy-to-let mortgages are usually on different terms and may be a little more expensive.

Finding a new mortgage lender straight after the trust deed might be tough, but there are things you can do to help your credit status recover over time.

Mortgage lenders have taken a big step away from interest only mortages unless:
1 - They are trying to help a borrower that might otherwise lose their home. This would not normally be a long-term change.
2 - The borrower can demonstrate that they have another viable repayment vehicle in place to eventually clear the balance.

Best to consult a mortgage broker when the time comes.