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Buy to Let or any other option?

Options
Hi everyone i have posted this over om the house buying board...

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?

And i got this reply...

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.

Does any1 know anythng about the mortgage mentioned e.g who provides them?

Thanks
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.

Comments

  • Tayus
    Tayus Posts: 313 Forumite
    ****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.
  • Hi Tayus, the best thing to do IS to go to a broker - many lenders will grant consent to let and charge you a few hundred quid and/or increase your residential rate slightly to cover the additional risk - but there are a lot of other things you need to consider - becoming a landlord lumbers you with a hell of a lot of responsibility and sometimes can be a lot of hassle. A broker will guide you as to your obligations as a landlord and also ensure you have adequate buildings and contents insurance. There is no one good lender for agreeing to consent to let - it all depends on your reasons for letting, how long it will be for, you future plans for the property etc
    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.
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