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Sell or Buy to Let my house?

louisea33
louisea33 Posts: 2 Newbie
in Mortgages & endowments
I am hoping to move in with my boyfriend and need to decide whether to sell or rent my house. I bought the house 4 years ago at the peak of the market for £183K and spent another 10K on doing it up. The mortgage was for £143K over 30 years and monthly payments around £730. Ive been given a property value of £175K max plus agency fees which will mean Ill lose 10K plus the 10K I invested doing it up.
If I rent Im looking at a rental of £775 but am worried I wont get a buy to let mortgage without having to put down some more deposit. Ideally Id like to continue with my existing mortgage but I will also want to help with the mortgage on our new joint house so am unsure how this will impact my ability to keep the existing mortgage should santader agree that I can do this.
Any help and advise much appreciated as this is completely new top me.
Thanks

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Speak to Santander and ask for 'Consent to Let'

    If yes carefully consider the pros and cons. If no look for an alternative plan or sell.
    I am a Mortgage Adviser
    You 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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    louisea33 wrote: »
    The mortgage was for £143K over 30 years and monthly payments around £730. Ive been given a property value of £175K max plus agency fees which will mean Ill lose 10K plus the 10K I invested doing it up.

    Is your mortgage interest only?
  • louisea33
    louisea33 Posts: 2 Newbie
    I currently have a repayment mortgage. I understand I might have to get an interest only mortgage if I change to a buy to let.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Gross yield around 5%, will be difficult to break even.
  • brit1234
    brit1234 Posts: 5,385 Forumite
    Sell before house prices fall any more. I think a lot of these reluctant landlords will be in trouble as interest rates go up.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
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