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Switching for a buy to let mortgage. Help
scittyscatty82
Posts: 1 Newbie
HI All
Heres the quandry. I've ben trying to sell my flat (which I dont live in) for over a year now and nothings come of it so I was thinking of renting it out.
I can get permission from my lease holder (costly but not a problem) but the BTL mortgage my current provider is offering is over 6% which is ridiculous
The value is approximately £42000 with the balance being £33000.
Any suggestions on how to get a good deal and keep monthly payments down
Heres the quandry. I've ben trying to sell my flat (which I dont live in) for over a year now and nothings come of it so I was thinking of renting it out.
I can get permission from my lease holder (costly but not a problem) but the BTL mortgage my current provider is offering is over 6% which is ridiculous
The value is approximately £42000 with the balance being £33000.
Any suggestions on how to get a good deal and keep monthly payments down
0
Comments
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Welcome!
You are the leaseholder, you mean the freeholder. Do you have to go onto a BTL product rather than get consent to lease from your lender cheaper? Have you thoroughly researched the reams of legislation you need to comply with?
http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12
Have you researched land registry sold prices? Have you decluttered, spring cleaned, lightened and neutralised the decor, finished all those niggly DIY tasks? Are you willing to post your postcode so we can find you on Rightmove for some constructive criticism of the listing?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
1) ask your lender for Consent To Let, rather than switch to a BTL mortgage. This will be time-limited (usually one or two years), and not all lenders will agree.
2) shop around for a BTL mortgage. Speak to an IFA/IMB. Are you tied in to your existing mortgage with ealy redemption penalties (ie a 3 or 5 year 'deal'?
How much equity is there in the property?
Can you get a rent = 125% of your mortgage payments?0
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