Abbey buy to let

littlened

We have a mortgage with Abbey, and although they've withdrawn their buy-to-let packages, i wonder if I ring them they would give us consent to rent out our existing property if it meant saying no would force us to change mortgage provider?

jill2002

Abbey have not withdrawn all their Buy to Let packages. There is still one fixed rate available. But that is different anyway from obtaining Consent to Let.

Just ring the Mortgage Centre and they will arrange for you either to stay on your existing deal or give you a new package if you need it. The Lettings Team will advise you of the fee to be paid - if there is one.

littlened

Thanks,

I've spoke to Abbey and our IFA. Abbey are going to send us a decision through the post, however our IFA says we still need a buy to let mortgage before we're able to get a 2nd mortgage for a new property we want to buy.

GDB2222

Why are you saddling yourself with 2 properties with prices dropping like a stone?

littlened

GDB2222 wrote: »

Why are you saddling yourself with 2 properties with prices dropping like a stone?

We've seen a property which is a repossession that we want to buy, problem is, if we want it, we need to be able to proceed as soon as an offer is accepted, which means we need our existing property as a buy to let.

The property we're after is a 4 bedroomed property, with 2 bathrooms, dining room, kitchen and large lounge area, as well as a single garage, and for 85k it's an absolute bargain.

We don't stand to lose anything, we've got money in the bank to pay a deposit on the new property, so we're not relying on anything from our existing 2 bedroom terraced house, so we could use it as a long term investment.

kotka4

I am looking into a similar deal, for different reasons. I have to move to another house, as we are being harassed in the current one and we are scared for our safety. I am with nationwide and they quoted me same figures regardless of weather the original mortgage is changed to buy to let, I am confused!

GDB2222

littlened wrote: »

We've seen a property which is a repossession that we want to buy, problem is, if we want it, we need to be able to proceed as soon as an offer is accepted, which means we need our existing property as a buy to let.

The property we're after is a 4 bedroomed property, with 2 bathrooms, dining room, kitchen and large lounge area, as well as a single garage, and for 85k it's an absolute bargain.

We don't stand to lose anything, we've got money in the bank to pay a deposit on the new property, so we're not relying on anything from our existing 2 bedroom terraced house, so we could use it as a long term investment.

In those circumstances, you could sell your current place rather than letting it out. At the right price, it will sell, and it could be years of letting before you see today's prices again.