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First time buyer may let property eventually?
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gundo
Posts: 255 Forumite
Hi,
I'm a first time buyer. Currently I live with my GF and she has the mortgage on the property which we live in. After a number of years of this I've decided I fancy some security and I have decided to buy a house (on my own as she doesn't fancy moving). It's a little bit nicer than the one we live in. The theory being that once the new place is shipshape and bristolfashion (it's a repo) that we'll move in togther there. However she (and I) are fond of where we live now and I can see that we may decide to stay put.
What's the score with mortgages/lenders if I buy somewhere as owner-occupier but say after 6 months or a year rent it out? Will I get clobbered? I checked with the Yorkshire Building Society and they said that their nice 3yr fixed deal will get loaded by 1% extra interest if I let the property - OUCH!
What are mortgage lenders attitudes to people who buy to live-in but then let the property instead?
Thanks
I'm a first time buyer. Currently I live with my GF and she has the mortgage on the property which we live in. After a number of years of this I've decided I fancy some security and I have decided to buy a house (on my own as she doesn't fancy moving). It's a little bit nicer than the one we live in. The theory being that once the new place is shipshape and bristolfashion (it's a repo) that we'll move in togther there. However she (and I) are fond of where we live now and I can see that we may decide to stay put.
What's the score with mortgages/lenders if I buy somewhere as owner-occupier but say after 6 months or a year rent it out? Will I get clobbered? I checked with the Yorkshire Building Society and they said that their nice 3yr fixed deal will get loaded by 1% extra interest if I let the property - OUCH!
What are mortgage lenders attitudes to people who buy to live-in but then let the property instead?
Thanks
Trying hard to be a good moneysaver.
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Comments
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There are lenders that will not load the rates - not every lender is like YBS.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
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do you have any examples herbiesjp?0
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