Hi, I'm new to property investment. I had a property mortgage as primary and mortgage required keeping as primary for 1 year, within 1 year, I want to rent it out. Is there a way to get around the timeline requirement ? How about I refinance to primary? I don't know if I talk to the lender for wanting to convert to rental, do they block me from renting or something bad happen?
Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
2y
Serena,
You can do a refinance and transition the the property from primary to intended use "investment". If you are the the 12 month mark you can see if you can take cash out based on the LTV Max 75% or just a simple refinance. Rates have been coming down so it might work out in your favor.
In order to convert to investment rental you will need to be at a minimum of 85% LTV (No cash out).