Renting out my mortgaged house

ggriffin

I have very recently bought a house with a mortgage from Leeds Building Society. I now need to move to a different area of the country so instead of selling again I would like to rent out my house. Does anyone have experience of changing from a regular mortgage to a buy to let with the Leeds. Or maybe they just give permission for the house to be rented, I don't know.

Thrugelmir

Have you lived in the property for less than 6 months?

ggriffin

Thank you for replying.
I have only been in house for 3 months. Does it make it easier if I left it until 6 months?

Thrugelmir

You won't get permission for CTL until at least 6 months.

ggriffin

Do you know if any costs are involved in getting consent to let (I googled it!)?
Is your experience with Leeds in particular or does it apply to any building society?
Thanks again.

Thrugelmir

ggriffin wrote: »

Is your experience with Leeds in particular or does it apply to any building society?
Thanks again.

All lenders.

Speak to them regarding terms etc as all lenders vary and the whole situation is currently very fluid. As lenders tighten down on all aspects of mortgage lending.

myhouse_2

If they decide to give you Consent to Let (now or after 6 months), you can expect it to cost £100-150.

ggriffin

Thank you
That's not too bad.
I was worried it would be a lot more than that and maybe an increase in interest rate.

bluebell79

Hi,

I'm new here, but just saw your post whilst searching through for buy-to-let info myself.

Not sure if this is much help but I bought a property with the intention of living there myself , but within 5 months I moved in with my partner , I asked my mortgage company for permission to rent out on a 'short term basis' as I was unsure of how things might work with partner:), they were fine , said as long as I put it in writing why, and a fowarding address then all will stay the same until my fixed rate mortgage ends in 2013, they charged me £45 admin fee, but were helpful.


I wish you luck