Cant sell my home and am forced to let

jsambrook

I am in the same position that so many other people are in. I am planning on renting out my place and renting somewhere else to live. Since I will not be getting naother mortgage, I do not see why I have to move onto a Buy to Let. As a result I will have to pay fees to my bank and an increase in interest rate. I do not think that either of these are at all fair. It is not my fault that I cannot sell my house, the market crash is the fault of the Banks.
Does anyone know if there is anything I can do? or does the bank have me by the short and curlies?
In some ways, it may be cheaper for me to just leave the bloody thing empty!

bigblackdog

you do not need to get buy to let , you need permission to let , which they will charge you approx £100 per year to do and keep your current mortgage

poppysarah

Why can't you live in it?

jsambrook

@BigBlackDog thanks for this, are you sure that this is the case? A friend of mine has had her repayments increased by £200 and they charged her £1200 for the privilege! I have had the mortgage nearly 10 years now, I hope I get treated better than that!

@ poppysarah I am starting a family and need something bigger. Have been trying to sell for over a year. Have dropped the price significantly but there is just nobody buying.

jsambrook

I'm with HSBC btw. My friend was with Halifax and is also not gettign another mortgage.

bigblackdog

each lender will have there own charge for giving permission , call your lender and they will tell you , you need to be aware of all your possibilities

dopester

You can sell the house if you lower the price until it gets market interest, in the market conditions which now exist.

It is not my fault so man people do not believe values are dramatically changeable. Not my fault they decide to buy at crazy high prices - where others baulk at doing so - and refuse to sell at prices they think are too low. Stop scapegoating.

alessev1

Sorry about the difficult decision you have to make.
Unfortunately this my the best at the moment.
I know for sure that current interest rate are low,but not many of the lenders pass it to the borrowers.And this obviously push the amount which need to be repaid higher.We used to be in the same situation. (rate 0.5% and the lender charge nearly 6%), but until the bank are pushed to pass the rate
(by law) and treat clients fairly there is not a lot that can be done.
It is heartbreaking to loose your home, but please from now on treat it as a business.The bank/lenders will charge for changing the mortgage from Buy to live into Buy to let/ hope they will allow , many don't!!And you will need a landlord insurance, and good letting agent to avoid any problems with dodgy tenants.
Hope this help!

G_M

bigblackdog wrote: »

you do not need to get buy to let , you need permission to let , which they will charge you approx £100 per year to do and keep your current mortgage

You need to speak to your lender. They all have different criteria. Whether they grant consent to let or not will depend on your payment history, circumstances, LTV etc. And the amount of the charge depends on the bank.

If letting your property, read this post.

CloudCuckooLand

If your house has dropped in value, then so has the larger house you now want...as long as the deal you can do on buying matches what you have to do to sell, you are no worse off.

Get it sold and move on with your life.

bring1t

i am with C&G and they charged me a £225 one time fee for consent to let that does not expire.