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Help with Moving & Buy to Let
baz2277
Posts: 49 Forumite
Hello,
First time poster here so be gentle!
I've been living in the same property for around 5 years (mortgaged with HSBC, fixed at 5.5% until 2012) and am looking to move.
I don't want to sell my current property, but I wanted to rent it out and then rent/buy another (its due to a potential job in another area).
On visiting HSBC today I was told that the buy to let mortgages are no longer offered by them - I have an appointment with their mortgage adviser next week for full & more detailed advice.
I suppose the question is 'How are other people managing to do this?' - are they just keeping the existing mortgage on their house and renting it out, just not telling the bank and then renting a second house. Does this have implications on the mortgage validity etc etc.
I suppose changing lenders is an option, but the fixed deal i'm in has a fairly large exit fee.
Any advice gratefully received in advance of my meeting on Tuesday next week!
Cheers
First time poster here so be gentle!
I've been living in the same property for around 5 years (mortgaged with HSBC, fixed at 5.5% until 2012) and am looking to move.
I don't want to sell my current property, but I wanted to rent it out and then rent/buy another (its due to a potential job in another area).
On visiting HSBC today I was told that the buy to let mortgages are no longer offered by them - I have an appointment with their mortgage adviser next week for full & more detailed advice.
I suppose the question is 'How are other people managing to do this?' - are they just keeping the existing mortgage on their house and renting it out, just not telling the bank and then renting a second house. Does this have implications on the mortgage validity etc etc.
I suppose changing lenders is an option, but the fixed deal i'm in has a fairly large exit fee.
Any advice gratefully received in advance of my meeting on Tuesday next week!
Cheers
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