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Personal Mortgage implication of renting out my flat
calumrobertson
Posts: 2 Newbie
Hi,
I am looking into the potential of renting out my flat for 6 months to a few years as work are looking to temporarily transfer me. I have a mortgage with the Halifax which i have had for 4 years for which time the flat has been my home. I'd read there are implications of renting your flat out with regards your mortgage provider so i called them and they told me i couldnt rent the flat out on my current standard variable rate mortgage and i'd have to shift to 'Concent to Lease Mortgage" with an interest rate of at least 2% more than i am on at the moment and with fees involved. They have either a 2 yr fixed rate mortgage or tracker; as i dont know what will be happening in about a years time i dont want to commit to a fixed mortgage.
Has anyone any advice about mortgages i could change to that wouldnt require me to go down the 'buy to let' route because my LTV ratio is at about 78% so wouldnt qualify for most of those products and they seem really expensive. I'm sure a lot of people will have been in this situation before?
I do not want to buy another property at the moment, i will just be renting so my current flat will remain the only property i own.
Cheers in advance,
Calum
I am looking into the potential of renting out my flat for 6 months to a few years as work are looking to temporarily transfer me. I have a mortgage with the Halifax which i have had for 4 years for which time the flat has been my home. I'd read there are implications of renting your flat out with regards your mortgage provider so i called them and they told me i couldnt rent the flat out on my current standard variable rate mortgage and i'd have to shift to 'Concent to Lease Mortgage" with an interest rate of at least 2% more than i am on at the moment and with fees involved. They have either a 2 yr fixed rate mortgage or tracker; as i dont know what will be happening in about a years time i dont want to commit to a fixed mortgage.
Has anyone any advice about mortgages i could change to that wouldnt require me to go down the 'buy to let' route because my LTV ratio is at about 78% so wouldnt qualify for most of those products and they seem really expensive. I'm sure a lot of people will have been in this situation before?
I do not want to buy another property at the moment, i will just be renting so my current flat will remain the only property i own.
Cheers in advance,
Calum
0
Comments
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If your current mortgage provider does not allow you then the BTL mortgage is likely your only option. You could switch to a different residential mortgage provider then apply for consent to let from them but if theyr efuse you are still stuck in the situation you are in now and at any rate a lender will likely see through an application for residential mortgage and immediate consent to let request.0
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