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consent to let
hello78
Posts: 2 Newbie
I have one bed room flat mortgaged from halifax. Now my family is growing and it is very difficult for me to live in one bedroom flat. I awaited two years for housing market to improve so i can sell this one and mortgage a little bigger one but it seems it is not improving. There is -ve equity on the flat. Now only option is left to let this flat and rent a bigger house. My current rate is 3.50% with halifax. when I contacted them for consent to let they are offering me new product "buy to let" with fixed rate 5.94% for three years + 1200 product fee. I have come to know from this forum usually lander will charge extra 1.5% but here halifax is asking a lot more. Also rent from the property will not cover the mortgage and I have to pay extra 150 from my pocket to pay the mortgage. My introductory period is over one year ago and I can change the landlord without penalty fee. can somebody suggest me what to do in this position. Should I check other landers or accept halifax product? Is it hard to get "buy to let" mortgage? Also I don't have much saving.
Many thanks!!!
Many thanks!!!
0
Comments
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With negative equity you won't be able to get a buy to let mortgage anywhere else.
Can you afford to subsidise this property and have the maintenance on two properties and comply with all the landlord stuff like gas certificates. Have you got money set aside to cover times when the property has no tenants?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
It sounds like a disaster waiting to happen.
You should take the hit and sell.0 -
Only rent out property if you have the emotional & financial reserves to cope with the "Tenant from Hell" who pays nowt for 7 months whilst you keep paying the mortgage, legal fees (to get him out) and repair fees (must do them or you will be harassing & judge will give him more time).
You, I suspect, don't have those reserves: Sorry. Sell up, move on, start afresh.
Best wishes
Artful0 -
It will be tough but looks I have to cut extra expenses. I have a little saving.With negative equity you won't be able to get a buy to let mortgage anywhere else.
Can you afford to subsidise this property and have the maintenance on two properties and comply with all the landlord stuff like gas certificates. Have you got money set aside to cover times when the property has no tenants?0
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