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Old 23rd August 2016, 20:41   #1 (permalink)
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Changing UK repayment Morgage into to buy to let

Looking to change my repayment Morgage into a buy to let interest only Morgage and move to Turkey .Has anyone done this and can recommend a Morgage lender
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Old 23rd August 2016, 21:17   #2 (permalink)
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Re: Changing UK repayment Morgage into to buy to let

Your easiest option is to speak to your existing mortgage lender, and run your plans past them. They will be able to give you the best option. A lot depends on how much equity you have in the property so an interest only mortgage might not be the best way to go.
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Old 23rd August 2016, 21:31   #3 (permalink)
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Re: Changing UK repayment Morgage into to buy to let

A less risk option would be to rent out your UK property for a couple of years and use the money to rent in various areas of turkey to see where you would like to live. (Assuming you have not already decided).
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Old 23rd August 2016, 21:31   #4 (permalink)
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Re: Changing UK repayment Morgage into to buy to let

Interest only is a better option for you because you only get tax relief on interest. If repay capital the level of interest will go down as you reduce the capital.
Go to an independent broker who will have good relationships with lenders; BTL is a specialist area.
You will have to budget for 10 months rent in a year to be on the safe side, and many lenders of BTL will only lend up to a certain proportion of the rental income. You will also need a 'deposit' or free equity of at least 15%.
If you want a contact please PM me and I will pass you details of the advisor in my practice. He sorted all my properties. (I was an independent advisor but not mortgage regulated., now retired.)
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