Buy to let or stay as-is?

shandyf

Hi Y'all

I currently have a discounted rate mortgage which runs out in July '09.
I have had tenants in my property since May '08.
My IFA told me to keep it hush hush from my lender until renewal was upon me. I was a bit worried about this but decided to go along.

Now.....the mortgage market has gone silly and I don't know if I would actually be able to change to a buy-to-let or whether to just let it move automatically onto an SVR? But that would be dishonest still....

Any help would be appreciated guys?

Cheers!

silvercar

If you want to change deals you should tell the lender and ask for BTL deals; if you want to change lenders you will have to seek a BTL mortgage.

If you do nothing and ask nothing you will automatically transfer to the SVR with your current lender.

What does your dishonest IFA advise?

FraudBuster

My IFA told me to keep it hush hush from my lender until renewal was upon me.

.........................................


http://www.fsa.gov.uk/smallfirms/your_firm_type/mortgage/fraud/index.shtml

socrates

The FSA are pretty useless I called them today with a complaint about one of their members - they did everything they could to get me off the phone as quickly as possible.

poppy10_2

shandyf wrote: »

My IFA told me to keep it hush hush from my lender until renewal was upon me. I was a bit worried about this but decided to go along.

Your IFA told you to commit fraud. Report him to the FSA, as FraudBuster has posted above.

socrates

poppy10 wrote: »

Your IFA told you to commit fraud. Report him to the FSA, as FraudBuster has posted above.

Trust me they will do absolutely nothing!

_Andy_

shandyf wrote: »

My IFA told me to keep it hush hush from my lender until renewal was upon me. I was a bit worried about this but decided to go along.


Any help would be appreciated guys?

Please tell me you don't intend to give this guy any more business?

shandyf

Thanks for your replies and NO, I won't be using him again.

I want to call up the lenders and talk to them about it but fear I won't be offered a BTL as the rent being received is less than the mortgage.
Now, I know you will all take a sharp intake of breath at that last point but it was all done with best intentions, honest!

I believe the average BTL demands rent income should be 125% of mortgage - and that's where my problem exists.

Any advice guys?

Thanks again!

poppy10_2

Where are you living now? Do you have another mortgage or are you renting?

shandyf

I live in France now with a mortgage over here.

We kept the house in the UK because we couldn't sell it. Decided to rent it out so we could move over here.......then sell it in the future.