Hi,
I have 2 properties with 2 mortgages and an equity release. Property A is my PPR which I bought 8 years ago. I lived there for a few years and then moved to another part of the country with work. I bought Property B 4 years ago using an equity release from Property A and a new mortgage. My equity release is a standard variable but my two mortgages are trackers. I now have Property B rented out as I have moved back to Property A. I have not registered Property B as a rental property but a friend recently said that I would have to change my mortgage to an investment mortgage if it was rented. Is this right?
Also, I just did a major refurb of Property A and I am interested in taking a mortgage holiday to raise some money to finish the job. Are mortgage holidays available in the current climate?
Thanks,
Dino
I have 2 properties with 2 mortgages and an equity release. Property A is my PPR which I bought 8 years ago. I lived there for a few years and then moved to another part of the country with work. I bought Property B 4 years ago using an equity release from Property A and a new mortgage. My equity release is a standard variable but my two mortgages are trackers. I now have Property B rented out as I have moved back to Property A. I have not registered Property B as a rental property but a friend recently said that I would have to change my mortgage to an investment mortgage if it was rented. Is this right?
Also, I just did a major refurb of Property A and I am interested in taking a mortgage holiday to raise some money to finish the job. Are mortgage holidays available in the current climate?
Thanks,
Dino