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Switching to BTL with single name mortgage
realfun
Posts: 32 Forumite
Just recieved the paperwork from my lender re changing from joint to single name on the mortgage but now I am also considering letting the property out for rent.
Would it be easier and a simple process for me and the bank if we get the BTL consent and then request for the single name mortgage as the repayment will not be soley rely on me because I will have rental income.
Please can anyone advice. Thanks
Would it be easier and a simple process for me and the bank if we get the BTL consent and then request for the single name mortgage as the repayment will not be soley rely on me because I will have rental income.
Please can anyone advice. Thanks
0
Comments
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You need to switch to single name mortgage first, as this is a change that affects the lending risk associated with your mortgage and is likely to invalidate any preexisting consent to let.0
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