Mortgage Advice please do i need Buy to let etc

miss_corerupted

Hi,
I've been looking around reading banks websites etc trying to make head or tail of all the info on there but i'm more confused now!!

basically my fixed rate deal with NR is up in oct. I had permission off them to rent out my house which i am £350 per month. The monthly payent for morgtgage is £560 i'm over paying £40 maiking it £600.

Do i need to get a buy to let?? I don't intend to sell for a 4-5 years

Mortgate is currently just under £78,000 house last valued at £110,000 i have made improvements since then (purchaesd land behind house creating off road parking, slightly larger garden and removed the easements between the houses).

Any advice welcomed thanks

Emma

Thrugelmir

The Northern Rock has a very clear policy with regards to CTL.

Suggest you ring them.

miss_corerupted

Thanks, what does CTL mean please?

Emma

_Andy_

CTL = consent to let

miss_corerupted

thanks for that. duh!

I have the consent so no probs there. I just wasn't sure as I intend to just rent it out shall i move to a preper buy to let?

Thrugelmir

miss_corerupted wrote: »

thanks for that. duh!

I have the consent so no probs there. I just wasn't sure as I intend to just rent it out shall i move to a preper buy to let?

How long have you had it let for under Consent to Let ?

dimbo61

Dont forget once you have rented out a property for 3 years you will have to pay Capital gains tax on the profit!
Why are you renting out the property at a loss ?

miss_corerupted

I tried to sell it a while a go but couldn't because of the houseing market etc.

tbh most of that money is loans i got out after the house. Orginally payment was £280 per month

I got my self into a mess with money but I'm digging my way out now. I don't really want to get rid of the house because i would probably just blow the money i got back. If i keep it i get something at the end.
I'm living in a rented house £250 a month

dimbo61

If NR wont allow you to contine to let you need to move back in yourself or sell the property

miss_corerupted

Nr are letting me. it's just my fixed deal is up in october and I thyink they have been offering new high interst rates to discourage people staying with them so i was going to get some quootes before oct so i know where i am. Am i reght in thinking that offers last for 6 months??

miss_corerupted

i'm prob not explaining my self probaly. it's rerally annoynig. i'm not very good at organisng my thoughts with writng