To Sell or Not to sell? that is the question. (Help please!)

happyjedi

beecher wrote: »

I'd say stay put - you're happy where you are and most of your outgoings are covered. The only issue is really rising interest rates in the future - hopefully your lender will provide 5 or 10 year fixes by the time your present deal comes to an end - you could maybe post details of the lender so as an adviser could tell you if that is likely or not?

Thanks Beecher. By the way I love Glasgow. Cool city. My lender is First Direct (HSBC).

socrates

happyjedi wrote: »

Thanks Beecher. By the way I love Glasgow. Cool city. My lender is First Direct (HSBC).

Hmm do they know you are letting out rooms?

As far as I knew they hardly ever get involved in BTL or the like.

You say you have a £500k mortgage - you must have had a huge salary for them to agree to that level of borrowing. Or perhaps you were mortgage free and released funds by means of an offset. Even so they were basing on 3-4 times income in the past.

I think there is more to this story - thus the reason your trusted friend is telling you to sell.

silvercar

Hmm do they know you are letting out rooms?

As far as I knew they hardly ever get involved in BTL or the like.

AFAIK, lenders are far less concerned about lodgers living with their landlord than they are with tenants. Simple reason being that lodgers have few rights and can be evicted with very little notice. You would need to inform your insurance company that you have lodgers.

socrates

silvercar wrote: »

AFAIK, lenders are far less concerned about lodgers living with their landlord than they are with tenants. Simple reason being that lodgers have few rights and can be evicted with very little notice. You would need to inform your insurance company that you have lodgers.

I agree but FD are stricter than other lenders - most if not all Lenders have some form of BTL product - FD do not and never have.

Their consent to let policy is also strict.