Renting my appartment but lender said no

Annisele

The problem with a buy to let mortgage is that you usually have to have at least 25% equity, and you say that you have none.

Unless your flat is a studio flat, then I think it's extremely unlikely that, in a legal sense, you'll be overcrowded. Separate living room and bedroom; adult couple sleeps in one and child in the other; no problem. (Overcrowding in practice and in law are rather different).

Are you willing to post your outstanding mortgage, your income, and the (approximate) value of your flat? I can't see a way for you to move other than to sell the place, but others might be able to think of another option.

grey_lady

Is selling not an option?

Who's the lender btw? Is it Halifax.

Tommy1001

This was my fear about but to let why it wouldnt be an option for us.
Our outstanding mortgage is £96,000 betweetn us we earn around £35,000 a year but this will be going down after the baby is born. The approx value of the flat is between 88,000-90,000. I would sell if we could but we dont have those sort of savings to make up the difference in our mortgage. The lender is GE money. They basically said they wouldnt alloww us to rent out the flat unless we were moving out of the area for work reasons or if we were joining the armed forces

Thrugelmir

[QUOTE=Tommy1001;46393843_yes_we_would_be_spending_more_on_rent_than_we_currently_pay_on_our_mortgage[/QUOTE]

Then start overpaying your mortgage straight away and addressing the issue of negative equity.

Bogof_Babe

Ask for a sofabed on Freecycle and rearrange your living room to make room for you to sleep in it, while baby has the bedroom.