Mortgage help with option to let if needed

gogsboy

Wonder if someone could advise me, I took a 95% mortgage with the Nationwide 5yrs ago and my deal is coming to an end so have arranged to meet with them tomorrow...

However someone told me you could never let your property with them.

Can anyone confirm this, its just I will be relocating soon and looks like best option would be to let the property.

I woudnt want to take out another fixed deal with Nationwide if this is going to cause complications should I wish to let.

If Nationwide dont allow this but others do, how easy is it to change product or do you just take a buy to let deal and stick with it until such time you are ready to let.

Also I notice on searching some buy to let best buys a lot seem to be 85% LTV, what does this mean exactly, is it calculated on current value of the property.

Thanks

Mr_helpful

gogsboy wrote: »

Wonder if someone could advise me, I took a 95% mortgage with the Nationwide 5yrs ago and my deal is coming to an end so have arranged to meet with them tomorrow...

However someone told me you could never let your property with them.

Can anyone confirm this, its just I will be relocating soon and looks like best option would be to let the property.

I woudnt want to take out another fixed deal with Nationwide if this is going to cause complications should I wish to let.

If Nationwide dont allow this but others do, how easy is it to change product or do you just take a buy to let deal and stick with it until such time you are ready to let.

Also I notice on searching some buy to let best buys a lot seem to be 85% LTV, what does this mean exactly, is it calculated on current value of the property.

Thanks

Nationwide do not like you letting the prop but you should arrange the mortgage on current position. A buy to let is what it says ie meant to be let from as near as pos to day 1. I think if I was in your shoes I would speak to an Independent broker and remortgage to a lender who does BTL as well as residential so the permission to let would be given when you relocated.
LTV is calculated on the current value of the property.

gogsboy

Thanks for that, you say Nationwide do not like you letting, does that mean they will agree to it in some circumatances or is it not a black and white no.

If no, do you know of the providers to aproach to renew my deal who would be happy enough to allow letting at some stage.

Cheers