Renting my house - do I need to change mortgage?

carolt

rent_and_buy wrote: »

how do you know?

So? - thanks please!

I spoke with the voice of experience - and I was right.

Good news for you.

rent_and_buy

carolt wrote: »

So? - thanks please!

I spoke with the voice of experience - and I was right.

Good news for you.

cheers carol, im just wondering now whether ill be able to have a new residential mortgage if i find a property, i know they dont take a btl mortgages into account if they cover 120% of the mortgage payments, but will it be the same has my mortgage will be a residential one with consent to let.?

Ive asked in the mortgages department with no response.

Mrs_pbradley936

I think you may in a different position if your circumstances are changing and you decide to let your home v. buying a property with the sole intention of buying it to let and never having lived there. But I have not first hand knowledge of buy to let mortgages because our accountant said to mortgage our own home (lots of equity in it) and use that to finance an additional property.

rent_and_buy

Mrs_pbradley936 wrote: »

I think you may in a different position if your circumstances are changing and you decide to let your home v. buying a property with the sole intention of buying it to let and never having lived there. But I have not first hand knowledge of buy to let mortgages because our accountant said to mortgage our own home (lots of equity in it) and use that to finance an additional property.

I spoke to the people who have aproved my mortgage and i even asked what would happen if we decided o rent it out in the future and they said i would have to pay a 199 pound fee and i would keep the deal.

Now we have not seen anywhere to buy and we are currently going to stay where we are, but like your accountant has said to mortgage your own home, and thats what i am thinking of doing, we have 75% equity in our current home, i was going to borrow some more for improvements and a new car, and i will still have over 30% equity in the property.

if however a house comes a long we may buy it and not do the improvements, but dont tell anyone they think its fraud

Mrs_pbradley936

rent_and_buy wrote: »

I spoke to the people who have aproved my mortgage and i even asked what would happen if we decided o rent it out in the future and they said i would have to pay a 199 pound fee and i would keep the deal.

Now we have not seen anywhere to buy and we are currently going to stay where we are, but like your accountant has said to mortgage your own home, and thats what i am thinking of doing, we have 75% equity in our current home, i was going to borrow some more for improvements and a new car, and i will still have over 30% equity in the property.

if however a house comes a long we may buy it and not do the improvements, but dont tell anyone they think its fraud

It is not fraud!! Because someone does not understand it or is not able to do it themselves does not make it illegal.

starlet1526

I too decided to phone Halifax today but they insist on me going into the branch, the person on the phone couldn't give me an idea of how much i might need to pay so we'll see.

Pring

starlet1526 wrote: »

I too decided to phone Halifax today but they insist on me going into the branch, the person on the phone couldn't give me an idea of how much i might need to pay so we'll see.

Keep us up to date if you can! I'd be keen to see if you get a different story than I did.

Warchcosi

starlet1526 wrote: »

I too decided to phone Halifax today but they insist on me going into the branch, the person on the phone couldn't give me an idea of how much i might need to pay so we'll see.

This is the situation I was trying to avoid in the first place. Being sold too rather than have someone tell me straight what the current situation is. Very interested in hearing how this turns out...

Don't fall for any of those stupid sales tactics :mad:

863798

863798 wrote: »

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 .

Any thoughts?