am i mad??

jamjam3

I want to capital raise on my residential property and then rent it out for one year before I move back in.

Would the mortgage company force me to take out a buy to let mortgage or let me take out a normal remortgage in such an instance.

Cannon_Fodder

You can ask for Consent to Lease, but there will be a fee, and depending on the lender/LTV/circumstances, possibly a change in rate.

_Andy_

Not sure what the post has to do with the thread title.

Wutang_2

_Andy_ wrote: »

Not sure what the post has to do with the thread title.

He was naked at the time of writing

TEDDYRUKSPIN

Strange.. Are you mad? Are you angry? Will you change green? Do you need mortgage help? Or do you actually need a doctor?

confused31_2

Ill answer what i think you want to know or do, personally what i would do if you have enough equity is remortgage on a residential mortgage and raise the capital. When you apply actually say to them that you maybe considering to rent in the future and ask what would happen if you decide to let your property.

Then in a month or so apply for consent to let on the basis you have decided to rent sooner than what you thought, then you get a low residential rate.

Some people will say it is wrong but ive heard of people getting a residential mortgage and getting consent to let on the day they get the mortgage.

Let_Us_See

Basically, you already know the answer to your post. To minimise your costs a residential mortgage would be the best option, but this would rule out potential letting, as most residential applications have a `box` to tick stating this property will not be let.

What you really mean is what are my chances of applying for a residential mortgage and then getting away with renting? This practice does occur, but is it ethical and are you committing fraud by making a false declaration?

confused31_2

Let_Us_See wrote: »

Basically, you already know the answer to your post. To minimise your costs a residential mortgage would be the best option, but this would rule out potential letting, as most residential applications have a `box` to tick stating this property will not be let.

What you really mean is what are my chances of applying for a residential mortgage and then getting away with renting? This practice does occur, but is it ethical and are you committing fraud by making a false declaration?

theres nothing about getting away with it if they make it clear that they will probably rent in the future the OP is not lying, who cares if they have told anyone on here, theres no harm in them saying when they apply for the mortgage that they may have a opportunity to go and work abroad and when this arises, would they be able to rent their property out, if the mortgage company say no then they will know, if they say its okay the other person will be happy.

jamjam3

Let_Us_See wrote: »

What you really mean is what are my chances of applying for a residential mortgage and then getting away with renting? This practice does occur, but is it ethical and are you committing fraud by making a false declaration?

NO!! My intention from the outset is to inform the bank that I want to remortgage on my residential property but rent it out for the first year before I move back in.... I want to be open with the bank and hence I'm not making a false declaration. Now the question is will the bank let me remortgage on the property and at the same time issue me with a consent to let? hmmm

jamjam3

confused31 wrote: »

Ill answer what i think you want to know or do, personally what i would do if you have enough equity is remortgage on a residential mortgage and raise the capital. When you apply actually say to them that you maybe considering to rent in the future and ask what would happen if you decide to let your property.

Then in a month or so apply for consent to let on the basis you have decided to rent sooner than what you thought, then you get a low residential rate.

Some people will say it is wrong but ive heard of people getting a residential mortgage and getting consent to let on the day they get the mortgage.

I don't want to lie or create a false declaration. I work in the financial industry and the last thing I want is to worry about fraud.

jamjam3

confused31 wrote: »

theres nothing about getting away with it if they make it clear that they will probably rent in the future the OP is not lying, who cares if they have told anyone on here, theres no harm in them saying when they apply for the mortgage that they may have a opportunity to go and work abroad and when this arises, would they be able to rent their property out, if the mortgage company say no then they will know, if they say its okay the other person will be happy.

It's just that I want to rent the property straight after I have remortgaged for just under a year.