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Consent to let, end of 2yr deal, buy to let?
dylan80_2
Posts: 3 Newbie
I have a fixed rate, interest only mortgage with RBS - my current offer ends in Nov 09, when I imagine I would drop to SVR.
Due to an office move, I would like to rent out my flat from Sept rather than sell for a few years.
I have contacted RBS and they are sending me a 'Consent to Let' form which only incurs a £100 admin fee.
However, when I asked what would happen when my mortgage came to the end of its term in Nov the answer seemed quite confused... first of all they said that I would need a Buy to Let, then, when I pressed him, he said that I would need to contact them at the time and 'see what they offered'.
I find this very confusing, and also, in the current market, my preference would be not to change lender as I know my flat has lost value and I am borderline negative equity.
Any advice?
Thanks
Due to an office move, I would like to rent out my flat from Sept rather than sell for a few years.
I have contacted RBS and they are sending me a 'Consent to Let' form which only incurs a £100 admin fee.
However, when I asked what would happen when my mortgage came to the end of its term in Nov the answer seemed quite confused... first of all they said that I would need a Buy to Let, then, when I pressed him, he said that I would need to contact them at the time and 'see what they offered'.
I find this very confusing, and also, in the current market, my preference would be not to change lender as I know my flat has lost value and I am borderline negative equity.
Any advice?
Thanks
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