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Advice - Consent to lease with Northern Rock
robshaped
Posts: 1 Newbie
Just after a bit of advice, here is my situation.
I joint own my property with 2 other people. The other 2 have moved on but rent their rooms unofficially.
I now want to move on and get a mortgage for myself. The majority of Lenders require proof of consent to lease.
I have read various things, needing to owe 70% of property value, and rental yield to be at least 125% of mortgage payment.
The rental yield is not an issue as rental income will more than cover mortgage.
We currently have an interest only mortgage and owe £125k, the value of the house is now £150k. This means we only own (in theory) 83% of the property.
Just not really sure where I stand or what my other options are, if any. The other 2 are both reluctant to buy my share.
I joint own my property with 2 other people. The other 2 have moved on but rent their rooms unofficially.
I now want to move on and get a mortgage for myself. The majority of Lenders require proof of consent to lease.
I have read various things, needing to owe 70% of property value, and rental yield to be at least 125% of mortgage payment.
The rental yield is not an issue as rental income will more than cover mortgage.
We currently have an interest only mortgage and owe £125k, the value of the house is now £150k. This means we only own (in theory) 83% of the property.
Just not really sure where I stand or what my other options are, if any. The other 2 are both reluctant to buy my share.
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