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.
📨 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!
Advice needed! Do we have any options!
preecygirl
Posts: 5 Forumite
Hi
Im new to posting but have been reading the forums regularly with great interest. Would really appreciate any advice on the following -
Our position is that in May 2008 we moved from Kent to Cheshire but unfortunately for us at the time the housing market started to crash and we found it really difficult to sell our house in Kent leaving us with no other option than to rent it out and for us to rent in Cheshire. This, we have been doing for the last year or so. We were on a tracker mortgage and our repayments were approx £675 per month but last month this finished and we have gone to standard variable making the payments £1016 per month! We were offered better rates by our lender when this tracker finished but upon applying were told that because we do not reside in the house we have to remain on the variable! Will this be the case with all lenders (we are currently with Santander).?? Thanks!
Im new to posting but have been reading the forums regularly with great interest. Would really appreciate any advice on the following -
Our position is that in May 2008 we moved from Kent to Cheshire but unfortunately for us at the time the housing market started to crash and we found it really difficult to sell our house in Kent leaving us with no other option than to rent it out and for us to rent in Cheshire. This, we have been doing for the last year or so. We were on a tracker mortgage and our repayments were approx £675 per month but last month this finished and we have gone to standard variable making the payments £1016 per month! We were offered better rates by our lender when this tracker finished but upon applying were told that because we do not reside in the house we have to remain on the variable! Will this be the case with all lenders (we are currently with Santander).?? Thanks!
0
Comments
-
If you move lenders you would be looking at a buy to let mortgage, quite possibly higher rate than what you're on (you haven't state your current rate though)0
-
I think its 4.24%0
-
Which will be lower than any BTL rates on the market0
-
Hi There
I could arrange a BTL around 4% on interest ony if that helps But would require to carry out a professional review
I am a Mortgage Adviser. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it . This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Could you explain what the professional review would be? Thanks.!0
-
MP is touting for business - anyway the review would be a factfind etc so he/she can then advise on an appropriate product/lender for you0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards