let to buy mortgage?

socrates

rent_and_buy wrote: »

steeleye and socrates very similar stories, is that a coincidence you are the only ones who can tell us, both joined the same time steeleye doesnt post for nearly three years and then all of a sudden has a urge to.;)

i see you are both on trackers, good luck, oh and what a coincidence you both bought your btl properties at the same time when they where cheap.:rolleyes:

Ill be waiting for for your demise, you can change you name to onyourknees, instead of socractes.

only time will tell and its on my side, im thinking 6 months i might buy and rent my current house out, but thats no concern of you jealous landlords, who will soon feel like they have the weight of whole world on their shoulders, when interest rates go up.

Coincidence or not - you are confused31 - all your posts are BOTH the same, your LTV, BOTH your previous lender is Nationwide, BOTH your opposition to estate agents and mortgage brokers, the fact that you BOTH say BTL LL's are jealous of other people getting into BTL and one other big give away - that BOTH of you instead of using the word 'as' in a sentence you use the word 'has' in its place.

I think you should pick one of the names and stick with it - either name you use though still the same outcome and we all know what that is.....

silvercar

rent_and_buy, your risk is that the lender changes its policy. The fact that when you took the mortgage the lender said that consent to let would be forthcoming, doesn't now happen without either a rate increase or reducing the LTV to a lower amount.

In 2005/6 I was considering doing a let to buy and the lender would have agreed to consent to let for £100 for a year (renewable). I'm still with the same lender and the 2009 terms and conditions now state that consent to let is not automatic and requires a fee of £199 and a 1% increase in mortgage rate.

So your risk would be that between getting the mortgage and requesting consent to let the lender changes policy.

rent_and_buy

i can only go by what they have on there site and the key notes they sent out when i signed for the mortgage, if they want to change them they can, but im sure they will have to tell me.

Ive also asked on the phone and they confirmed the charge would be 199 pound bi annually.

Im going to wait at least 6 months before we rent our house out, rates might have shot up by then and we may not move, the good thing is we have 5 years now to just chill and see what happens.

Ideally what i would like to happen to benefit myself personally would be rates to go up to 6% by the start of 2010, people then forced to sell properties at low prices, then when the rates start to steady jump in and buy a residential property whilst renting the one i have now out.

Its all about timing, this would mean when my fixed rate finished we will have only been out the house for three years, so if we do sell no capital gains.

I know its a selfish thing but we all have to look after ourselves.

@silvercar look at section five of the tenancy agreement when you get consent to let.

http://www.bristol-west.co.uk/a/pdf/existing/BWMTenancy.pdf

socrates

rent_and_buy wrote: »

i can only go by what they have on there site and the key notes they sent out when i signed for the mortgage, if they want to change them they can, but im sure they will have to tell me.

Ive also asked on the phone and they confirmed the charge would be 199 pound bi annually.

Im going to wait at least 6 months before we rent our house out, rates might have shot up by then and we may not move, the good thing is we have 5 years now to just chill and see what happens.

Ideally what i would like to happen to benefit myself personally would be rates to go up to 6% by the start of 2010, people then forced to sell properties at low prices, then when the rates start to steady jump in and buy a residential property whilst renting the one i have now out.

Its all about timing, this would mean when my fixed rate finished we will have only been out the house for three years, so if we do sell no capital gains.

I know its a selfish thing but we all have to look after ourselves.

@silvercar look at section five of the tenancy agreement when you get consent to let.

http://www.bristol-west.co.uk/a/pdf/existing/BWMTenancy.pdf

Finally a decent post - keep it up!

theartfullodger

Care in the community is perhaps recommending posting on fora for the confused....

confused31_2

theartfullodger wrote: »

Care in the community is perhaps recommending posting on fora for the confused....

maybe rent_and_buy should go on one of those care in the community training sessions, you know the ones???;)