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Consent to let then what
hartlepool_jono
Posts: 31 Forumite
Firstly i apologise, as this is in 2 subforums, but just after thoughts...........
Ok guys bit about me, i (me, wife 3 kids) have been living in current house since approx 2007, is now worth maybe 20k less than i payed for it, however i have been making overpayments when i can, and now have maybe 50k in equity. i also have a buy to let which i bought in december last year, put down 25%, this is rented out.
we have seen a house which we want, and have ours on the market, but with no luck selling, dont really want to reduce house further if i dont have to, my question is whats my options, apart from the obvious dont move, if i got consent to let on my current house, where would this leave me getting a new mortgage and what type would be open to me and how much deposit would i need? i could probably rent current house out and cover the repayment mortgage on it (based on 10 months rental) i know really need to speak to mortgage advisor, just wondering if anyone has any views on this. i could have maybe 10% deposit without taking equity from either my btl, or current house. any thoughts welcome?
Ok guys bit about me, i (me, wife 3 kids) have been living in current house since approx 2007, is now worth maybe 20k less than i payed for it, however i have been making overpayments when i can, and now have maybe 50k in equity. i also have a buy to let which i bought in december last year, put down 25%, this is rented out.
we have seen a house which we want, and have ours on the market, but with no luck selling, dont really want to reduce house further if i dont have to, my question is whats my options, apart from the obvious dont move, if i got consent to let on my current house, where would this leave me getting a new mortgage and what type would be open to me and how much deposit would i need? i could probably rent current house out and cover the repayment mortgage on it (based on 10 months rental) i know really need to speak to mortgage advisor, just wondering if anyone has any views on this. i could have maybe 10% deposit without taking equity from either my btl, or current house. any thoughts welcome?
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Comments
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This is possible, but difficult and largely will be supported by income and credit score.
Which bank is your residential mortgage with as consent to let on this could be the dealbreaker.
An average broker should be able to sort this easily.
Good luck....I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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