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Would i be in trouble if - I got a FT buyer mortgage and rented out the property??
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If there is ever a house price crash (not saying there will be, but just supposing) people that have lied to take out loans and are then reposessed will find themselves being interviewed by the local constabulary.
I would strongly advise anyone against commiting fraud unless they are willing to pay a large fine or go to prison. Some people see that sort of thing as a part of their business life (drug dealers, career thieves etc.) but I wouldn't fancy it.0 -
Why don't you ask for the normal mortgage, but say at the time that you may wish to rent the house out as it is not possible for you to live there at the moment? I did this for a flat we were buying (It was supposed to be for us to retire into but didn't work out that way and is now sold).
I was granted a residential mortgage with a proviso that I was allowed to create an assured shorthold tenancy of not longer than one year. Howwever, you can keep renewing the tenancy, it just means that you musn't do it for longer than a year at a time.
Could this be a way forward without committing fraud?(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0
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