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Buy to let mortgage help

Silvertiffy
Silvertiffy Posts: 5 Forumite
in Mortgages & endowments
I need some advice please on how best to proceed. I have a property which is mortgaged (no deal in place) which I used to live in myself. On meeting husband I moved in to his house and rented my house out (naughty I know). Problem I have is I need to raise some funds for my son as a deposit for a flat he would like to buy & as I am not on the electoral role at the mortgaged property I have been told it will be very difficult to raise the loan. (is this correct?) So I thought my next best option would be to move to a BTL mortgage. Do I choose repayment or interest only? Where are the best deals at the moment?

Thanks
«1

Comments

  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Hi and welcome to MSE:)

    No info to go on at the moment..

    How much is owing on the mortgage?
    Property value?

    Have you asked your current lender for consent to let?
  • Silvertiffy
    Silvertiffy Posts: 5 Forumite
    Sorry, outstanding is 80k property value 135k would like to raise 15k
  • TrickyDicky
    TrickyDicky Posts: 666 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Also, what is your income?

    Another thing - how about letting your son earn his own flat and inherit your money later?
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    What is the rental income on that property?
    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.
  • Silvertiffy
    Silvertiffy Posts: 5 Forumite
    My income is 35k, the rent is £630 pcm.
  • jockosjungle
    jockosjungle Posts: 759 Forumite
    Part of the Furniture 500 Posts Combo Breaker Home Insurance Hacker!
    Why not put yourself on the electoral roll?

    R
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    _Andy_ wrote: »
    Have you asked your current lender for consent to let?

    and who is your current lender?
  • Silvertiffy
    Silvertiffy Posts: 5 Forumite
    I am on the electoral role where I am living not where I have the mortgage.
    Current lender is Halifax and I have not asked them for consent to let.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    If Halifax refuse consent to let - especially as you want to borrow more - there are lenders who would look to agree that for you on a BTL basis (free legal fees and free valuation potentially)

    Arrangement fees would not be the lowest though, as these tend to be higher on BTLs.
    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.
  • Silvertiffy
    Silvertiffy Posts: 5 Forumite
    Thanks Herbiesjp.
    Would it be a less costly 'fee' option for me to approach the Halifax for a BTL or would they still want all the fees paying that a new lender requires?
    I have never had an interest only mortgage, would this be a good option?
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