We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Do I have to change my mortgage to a buy to let?

sarahmanchester
sarahmanchester Posts: 6 Forumite
in House buying, renting & selling
Hello,

I have a friend who would like to rent my house while I relocate back to my parents house for a new job. Do I have to change my mortgage to a buy to let to let her live at my house?

I bought the house 18months ago with a 5% deposit. I've been looking around and it seems that you need a minimum of 25% deposit to get a buy to let mortgage. Is my lender likely to let me change due to my current circumstances and the fact that I have a tennant ready to move in or not?

Any help or advice would be much appreciated.

Thank you,
Sarah

Comments

  • clutton_2
    clutton_2 Posts: 11,149 Forumite
    read the next thread to this......
  • pinkshoes
    pinkshoes Posts: 20,684 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I know many people who let their properties out to people they know, without a BTL mortgage...

    At the very least, you MUST get the boiler serviced if it's gas, and get a proper contract in place, and get a deposit off her and put it in the official deposit scheme.
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • Yorkie1
    Yorkie1 Posts: 12,793 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    You may not need to transfer to a full BTL mortgage; but you should approach your lender for consent to let.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.6K Banking & Borrowing
  • 254.5K Reduce Debt & Boost Income
  • 455.5K Spending & Discounts
  • 247.5K Work, Benefits & Business
  • 604.4K Mortgages, Homes & Bills
  • 178.6K Life & Family
  • 261.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture