Just been offered RBS mortgage, any good?

VIGILANT22

Quote: "Looking to purchase then rent the property out"....If you are purchasing under a residential basis, no guarantee RBS would give you permission to let...

TBH....Overall it doesn't sound a great plan....

bigstevex

Then you need a buy to let mortgage, not a normal mortgage if your going to let it out i think!

Kavanne

No

Your sibling... this is a recession, how long is it going to take for them to get a job?

When you say rent out do you mean get a lodger? This is a good plan if you have a spare room and can be tax free (look up 'Rent a room' scheme, run by the government) but you have to think of how easy it is to fill that space in your area and getting a proper contract in place, and probably a whole host of other things that people will point out in due course

bikeman17

OK, should i inform my advisor, I am looking for a buy to rent mortgage.

Can i not apply for a normal mortgage and look for tenants (to let) through estate agents.

I can however make the repayments based on my salary which is the region of £23k.

Please advise.

Kavanne

No. If you have a residential mortgage you need to apply for 'consent to let' through your lender which they can refuse, leaving you up !!!! creek.

VIGILANT22

You would have to fit the criteria...some lenders will not lend to first time landlords, never mind first time buyers...nowadays most lenders also have a minimum salary requirement approx 25k...also rental income has to be somewhere in the region of 125/130% of mortgage payments....

If someone buys on a residential basis and let's without consent, the lender has the right to recall the loan..

VIGILANT22

Truusant wrote: »

Try Refinancing ?

This is a FTB???....