Do I need to change my mortgage to a buy to let if I plan to let it out whilst working abroad?

I am going to New York to work for at least two years so I intend to let out my property while I am away. I have two questions. Firstly, do I need to change my mortgage to a buy-to-let? Secondly, do I need to get any special type of insurance for the property?

Your existing lender might grant you consent to let, so do get in touch with them first as this will most likely be the cheapest option. If not you will need to refinance onto a buy to let mortgage. Like any property purchase you will need a deposit (25% will get you a good rate) and if you have sufficient equity in your property, you can use it. You must also be able to show that the rental income will meet the mortgage payments by at least 125%. Do get in touch on 0845 345 6788 if you need help. You will also need landlord insurance which is different from home-owner insurance. Try googling to find a variety of providers.

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