Been given notice to move - thoughts on how to avoid in the future

Fuzzyness

rent is £1,500 a month but unfortunately existing tenant is having it for at least another 12 months.

PasturesNew

franklee wrote: »

OP what's the rent and shout if you need a new T, we're forming an orderly queue :j

Not me... I knew I couldn't afford it when he said it was worth £450k.

Median salary for a full-time female where I live is £16k, so not even taking home enough to pay just the rent

Fuzzyness

sorry for the cheeky bump.

DVardysShadow

That's OK, you only need to apologise for bumpy cheeks

Thrugelmir

Fuzzyness wrote: »

As i said in OP we have just rented somewhere for a further 12 months so wont be looking at doing anything until nearer when our current fix rate ends. the problem we have is our current mortgage is with nationwide and they dont do buy to let products.

The NW will levy you with an additional 1.5% charge on top of your standard mortgage rate when the fixed product term ends.

So renting out the property may not be as attractive.

Fuzzyness

Thrugelmir wrote: »

The NW will levy you with an additional 1.5% charge on top of your standard mortgage rate when the fixed product term ends.

So renting out the property may not be as attractive.

we're aware of that and are planning on changing to another provider with a proper buy to let mortgage at the end of our fixed rate period. remortgaging at this time we feel could provide an opportunity to purchase somewhere else and its this idea i'm bumping around.

Thrugelmir

Fuzzyness wrote: »

we're aware of that and are planning on changing to another provider with a proper buy to let mortgage at the end of our fixed rate period.

You may find NW's offering competitive in that market. As BTL rates are higher than residential mortgages and come with sizable arrangement fees.