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But to let
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RMBourton
Posts: 3 Newbie
I am having problems re-mortagaging my buy to let.
I have rented my flat out to a Housing Association which is great as I always get my rental income.
The problem is that I have entered into 4 year lease with the Housing Association and although they issue shorthold tenancy agreements it is between the tenant and them. When I try to remortage I am told that if I were to default on my mortgage (which is very unlikely as my rent is guaranteed) they would not be able to repossess the flat because I have entered into this lease.
Anyone any ideas how to get around this.
I have rented my flat out to a Housing Association which is great as I always get my rental income.
The problem is that I have entered into 4 year lease with the Housing Association and although they issue shorthold tenancy agreements it is between the tenant and them. When I try to remortage I am told that if I were to default on my mortgage (which is very unlikely as my rent is guaranteed) they would not be able to repossess the flat because I have entered into this lease.
Anyone any ideas how to get around this.
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Comments
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Will the Housing Association buy the flat off you?0
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there must be some lenders who would look at this. As you say, letting to a HA makes your rent, and hence the mortgage payment, very secure.
Why not see a mortgage broker - they should know who would deal with it.
Get the right lender and they probably will do a drive by valuation on sight of the agreement you have with the HA.
If you post on singingpig.co.uk some expert landlords will know.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 -
RMBourton wrote:I am having problems re-mortagaging my buy to let.
I have rented my flat out to a Housing Association which is great as I always get my rental income.
The problem is that I have entered into 4 year lease with the Housing Association and although they issue shorthold tenancy agreements it is between the tenant and them. When I try to remortage I am told that if I were to default on my mortgage (which is very unlikely as my rent is guaranteed) they would not be able to repossess the flat because I have entered into this lease.
Anyone any ideas how to get around this.
As long as the flat has the agreement with the Housing Association, there will be a few lenders that could look at a re-mortgage for you.
Who is your current lender?I am a Mortgage AdviserYou 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.0 -
Platform
Have found three lenders that that accept HA leases.
Woolwich, Paragon and Mortgage Express0
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