Hopefully simple Q's, most likely complicated answers.

swebber

Question 1, can I live in my house, that has a Buy to Let Mortgage???

I have been told I can, but looking at some of the terms on them it says I can't rent to Family, but no mention of me...

Question 2, What is involved in removing one name from a Mortgage and someone elses being put on?

Key interest is costs and if they would credit check me again, or just the new name going on it.

Question 3, would the mortgage company let me take of someone earning £20k for a new person earning only £15K. Balance is £91,000, value of house £148,000.


Hope to get some replies, thanks.

Sara

Rick62

I think you would class as family, so probably no, not in theory. In practise I can't see they would be too bothered as long as their rent was paid, however if you tried to change the mortgage (eg for a new discount/fixed rate etc) you would prbably have problems.

If you can afford the mortgage on your income them maybe they would give you permission on the basis that you then changed o a residential mortgage when the initial period finished.

Concerning name, this would be a Transfer of Equity, would need a lawyer, and would require the deeds to be changed as well. Not in your case, but if the equity amount changing hands was over the limit then stamp duty would also apply.