Renting my house - do I need to change mortgage?

Warchcosi

oh, one other point that I forgot to mention that might change things is that I'm not buying another property at the same time. We'll be living with family for a while. Not sure if that changes matters.

carolt

NeilInglis wrote: »

Well I'm just basing it on my personal experience with HBOS no longer allowing people to do it. Perhaps it's just my lender being rubbish!

As has been stated there's no way to know without consulting your lender. Just give them a call and ask.

There have been many examples on here of people posting saying they were able to change to a BTL mortgage or keep existing mortgage with permission to let for no fee or nominal fee, recently.

But as you say, it depends on the lender.

rent_and_buy

Ive just had a result i was going to go with c & g fixed rate btl 5.29%, phoned the post office up and they will let us fix for 5 years at 4.15, if we decide to let, one of fee of 199 pound and we keep the rate until the deals finished as long as we have kept up the payments.

the btl mortgage for 105000 was going to be 477, now its going to be 366, so thats another 100 pound a month gained.

Pring

rent_and_buy wrote: »

Ive just had a result i was going to go with c & g fixed rate btl 5.29%, phoned the post office up and they will let us fix for 5 years at 4.15, if we decide to let, one of fee of 199 pound and we keep the rate until the deals finished as long as we have kept up the payments.

the btl mortgage for 105000 was going to be 477, now its going to be 366, so thats another 100 pound a month gained.

Good result, well done!

I assume that's with a 75% or so LTV? I think part of my problems at the moment are caused by having 88% LTV. That may be why HBOS are making me jump through hoops changing product.

m_13

This post suggests that in the middle of last year that A&L were still granting consent to let for a fee of £100.

However, since then A&L have become part of Santander so I'm don't know if their fees and policies have changed.

Is there any chance your property is in negative equity? This makes a difference to many lenders.

rent_and_buy

NeilInglis wrote: »

Good result, well done!

I assume that's with a 75% or so LTV? I think part of my problems at the moment are caused by having 88% LTV. That may be why HBOS are making me jump through hoops changing product.

the house is valued at 150,000 pound now we owe 50,000, but ill take the 55000 at the same time and stick it in the bank for our deposit. even with the extra 55000 we still have over 30% ltv.

Warchcosi

Bit the bullet and phoned them...

Good news actually. They will give consent to rent for 12 months (at which point they'd review again) on the current deal as long as we rent to a private individual and not to local authority. They'd also only charge £95 for the privilege as well.

Still prefer to sell if possible but gives us options.

rent_and_buy

Warchcosi wrote: »

Bit the bullet and phoned them...

Good news actually. They will give consent to rent for 12 months (at which point they'd review again) on the current deal as long as we rent to a private individual and not to local authority. They'd also only charge £95 for the privilege as well.

Still prefer to sell if possible but gives us options.

i think a lot of people would prefer to sell, but by me nothings moving, i want to be in a position where i can just go, and not be stuck in any chain, ill think about selling in a few years.

Pring

Warchcosi wrote: »

Bit the bullet and phoned them...

Good news actually. They will give consent to rent for 12 months (at which point they'd review again) on the current deal as long as we rent to a private individual and not to local authority. They'd also only charge £95 for the privilege as well.

Still prefer to sell if possible but gives us options.

Crikey, good news indeed. :beer:

Looks like A&L are much friendlier than HBOS when it comes to Consent to Lease then...

863798

Great news.

Does anyone know what the response would be from HSBC.

My circumstances are that I'm going on a secondment with work and will leave the country for 20 months. Obviously as its temporary and will ocupy the house again at the end of this period, I don't want to incur remortgage costs.

The other point to note is that I have a 100% mortgage and am likely to be in negative equity .