Just a quick question.
Would there be any issues in renting out a 'Owner-Occupied' property in full? I currently own a property (mortgaged of course) which I want to rent out in full and move elsewhere. I have owned the property for almost 3 years. I'm the sole owner of that property.
I would ideally like to sell the property and move elsewhere but there isn't enough equity in the property at present (due to the market crash in 2019 and as a result of COVID) so it wouldn't be financially smart for me to sell at a loss (As it's worth less now than what I paid for it due to the current climate)
What I'm concerned about is that if I try to get another loan down the track (eg. When (and if) I start a family and approach a loan with myself and my SO) and the banks disregard the other property and equity as they would see it as a 'Owner Occupied' property and refuse another loan as a 'Owner Occupied' or whether they would provided you can support a stable rental income
Apologies if the above has come across as an inept request, but I'm just very unsure how the banks approach such a circumstance and I'm worried that it could come back to bite me
Thank you in advance.