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Buy-to-let mortgage needed on ex-local authority flat
bpyoung
Posts: 3,008 Forumite
My girlfriend's looking to rent out the flat we currently live in in a couple of months time. She's got a mortgage with Chesham at the moment, who've been very good so far. They wouldn't give us "permission to let", but they said we could switch to their BTL mortgage for a fee of £250. This was the plan, however looking at the small print, they say they don't do ex-LA flats. So presumably we're going to have to look elsewhere. Any suggestions?
The flat has an approximate value of £170k, the mortgage has about £102,000 outstanding capital (22 years). Estimated rental income will be £900-£950.
The flat has an approximate value of £170k, the mortgage has about £102,000 outstanding capital (22 years). Estimated rental income will be £900-£950.
[size=-2]Matched betting profit: ~ £30,000 since Jan 2005
Quidco cashback: ~ £3,500 since May 2005
Topcashback: ~ £2,100 since Oct 2005
Rpoints: ~ £600 since June 2004
It's only fraud if you get caught.
I don't offer advice by PM so please post your questions in the appropriate thread.[/size]
Quidco cashback: ~ £3,500 since May 2005
Topcashback: ~ £2,100 since Oct 2005
Rpoints: ~ £600 since June 2004
It's only fraud if you get caught.
I don't offer advice by PM so please post your questions in the appropriate thread.[/size]
0
Comments
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bpyoung wrote:My girlfriend's looking to rent out the flat we currently live in in a couple of months time. She's got a mortgage with Chesham at the moment, who've been very good so far. They wouldn't give us "permission to let", but they said we could switch to their BTL mortgage for a fee of £250. This was the plan, however looking at the small print, they say they don't do ex-LA flats. So presumably we're going to have to look elsewhere. Any suggestions?
The flat has an approximate value of £170k, the mortgage has about £102,000 outstanding capital (22 years). Estimated rental income will be £900-£950.
Firstly check with Chesham to see if the condition about no ex-LA flats is rigidly applied in every case. They let you take a residential mortgage, so why should it make a difference?Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0 -
I just want to say GOOD LUCK to you both. I've currently got a question on the chat forum "Remortgage for 2nd property" and I've been getting some nasty comments from some people. I only wanted some advice ! Some think I'm 'stealing' homes ! If you can get your mortgage, rent ut your flat then I wish you all the best.0
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