I want to keep my property to LET and get a mortgage with my partner on a new propert

rickyandkeely

Hi,

I hope someone can help?

I want to keep my property to LET and get a mortgage with my partner on a new property??
Here are the rough figures
My property is worth around £160,000 (87000 mortgages with HSBC / 73000 equity) mortgage around 495 a month
We want to keep this to rent out, similar properties are around £750 a month to rent.
We are looking to get a house at no more then 210000, in a joint mortgage with my partner
I’m 33 and on around 35k and my partner 25 on 27k we have no deposit but I do have the equity in the house?
Is this going to be possible??? Excuse my ignorance if I’m missing key points but that’s what I’m on here for!!
Any advice would be a great help.

luckyfool

rickyandkeely wrote: »

Hi,

I hope someone can help?

I want to keep my property to LET and get a mortgage with my partner on a new property??
Here are the rough figures
My property is worth around £160,000 (87000 mortgages with HSBC / 73000 equity) mortgage around 495 a month
We want to keep this to rent out, similar properties are around £750 a month to rent.
We are looking to get a house at no more then 210000, in a joint mortgage with my partner
I’m 33 and on around 35k and my partner 25 on 27k we have no deposit but I do have the equity in the house?
Is this going to be possible??? Excuse my ignorance if I’m missing key points but that’s what I’m on here for!!
Any advice would be a great help.

You could potentially remortgage your residence onto a buy to let to 75%, assuming your valuation is realistic this would release £33k. You could then use this as a deposit. The valuation is a big if just now, downvaluations are common, and frequently brutal.

rent_and_buy

rickyandkeely wrote: »

Hi,

I hope someone can help?

I want to keep my property to LET and get a mortgage with my partner on a new property??
Here are the rough figures
My property is worth around £160,000 (87000 mortgages with HSBC / 73000 equity) mortgage around 495 a month
We want to keep this to rent out, similar properties are around £750 a month to rent.
We are looking to get a house at no more then 210000, in a joint mortgage with my partner
I’m 33 and on around 35k and my partner 25 on 27k we have no deposit but I do have the equity in the house?
Is this going to be possible??? Excuse my ignorance if I’m missing key points but that’s what I’m on here for!!
Any advice would be a great help.

remortgage on a residential mortgage and get a better rate

rickyandkeely

what steps would i need to take? ie getting out of my mortgage and getting a joint mortgage???

herbiesjp

Do you have a penalty to leave HSBC? How much would that be? As that would eat into the deposit you could raise.

What rental income do you think you get get on your property? As again that will dictate whether or not you can transfer to a BTL

Conrad

rent_and_buy wrote: »

remortgage on a residential mortgage and get a better rate

Do not do this.
The building insurance must be a buy to let insurance. The insurer will write to your lender with a schedule of insurance. If you pretend it is your main residnece the insurance will not pay out when the tenat burns the house down, and if anyone is injured you could be mliable for millions / face jail.

p00hsticks

rent_and_buy wrote: »

remortgage on a residential mortgage and get a better rate

But (apart from the fact that it's likely to invalidate any insurance and the terms of the mortgage) then wonlt that mean that the mortgage will then be based on their personal incomes rather than the rental value of the prpoerty ? And therfore make it more difficult for tem to get a residential mortage for their new property ?

socrates

p00hsticks wrote: »

But (apart from the fact that it's likely to invalidate any insurance and the terms of the mortgage) then wonlt that mean that the mortgage will then be based on their personal incomes rather than the rental value of the prpoerty ? And therfore make it more difficult for tem to get a residential mortage for their new property ?

What you are all forgetting is that this guy rent_and_buy is an expert of the highest order

Just look back at some of his posts - plus the fact that he uses this name and another.

The other name (nick) was on here not long ago telling us all that Mortgage Advisers are a waste of money etc. the thread was deleted by Mods.

If you do not get too 'confused' you can work out who he is

rent_and_buy

Conrad wrote: »

Do not do this.
The building insurance must be a buy to let insurance. The insurer will write to your lender with a schedule of insurance. If you pretend it is your main residnece the insurance will not pay out when the tenat burns the house down, and if anyone is injured you could be mliable for millions / face jail.

who said anything about pretending, im asuming the man is not in that much of a rush, and may plan to stay in the house, however he may after 2 months;) decide to rent the property out, he can get consent to let and get landlords buildings insurance then.

job done he gets a lower rate with small fees, just ask whoever you remortgage with if it is possible to get consent to let with them.