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Moving into a house but...
Tayus
Posts: 313 Forumite
Hi, I'm just in the process of buying a house and i intend to live in it however i have a feeling that my personal situation may change in the next couple of months and i may be moving away. If i do move away i plan to let the property as i wont need to pay for accomodation (I'm staying with a friend). So here is my predicament: Do i get a buy to let mortgage when i may not even be letting the property out or do i get a normal mortgage and if i do move away change it then or is there another answer to this?
Aoccdrnig to a rscheearch at an Elingsh uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht frist and lsat ltteer is at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.
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Comments
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get normal mortgage then either ask for permission to let from your mortgage company when you leave, or if you cant do the first, change to buy to let
there will be fees for both0 -
Ok, Do you know if the fees will be massive?!Aoccdrnig to a rscheearch at an Elingsh uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht frist and lsat ltteer is at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.0
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not sure on that one i suppose it depends on the bank, someone said on here before that they remortgaged to do buy to let and they had to have a valuation again and other legal cost so it came to about 850 all in.
plus you will have to change your insurance and that would be more expensive. I'm sure someone else will comment shortly to give some better information0 -
****ttt****Aoccdrnig to a rscheearch at an Elingsh uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht frist and lsat ltteer is at the rghit pclae. The rset can be a toatl mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae we do not raed ervey lteter by it slef but the wrod as a wlohe.0
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go to a mortgage broker and ensure you get a mortgage from a lender who will let you lease the property without insisting on changing the mortgage to a BTL one. Some lenders will charge you a couple of hundred pounds and let you let the property others would insist on transferring you to a BTL mortgage at a higher rate with arrangement fees etc.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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