Mortgage Express Permission to Let

ryan_d

Please help, advise!

Have two mortgages with Mortgage Express.

One is a buy to let which is was originally taken out as IO (back in 2005) and now on a 15 year repayment. I have never missed any payments and the capital is being paid off at £10k per year.

The second property is an IO standard home owner mortgage. This property has additional borrowing, sub account with themselves and is being paid off steadily. There is equity in this property and I would like to simply my outgoings and rent this property out and pay more money off this mortgage and sub account.

So I need to ask for permission to let from Mortgage Express.

Does anyone know if this lender is ameanable to this in the current period? As their lending practises have changed so much since 2008.

I do not want to borrow any additional money, I just want to simplify my outgoings and repay more against this property. It would rent very easily and would more than cover the interest.

As far as I am aware there is no difference in Mortage Express borrowing rates for home owner and buy to let mortages as I have one of each - base rate plus 2.5 per cent.

_Andy_

Ring them tomorrow and ask/get a definitive answer.

ryan_d

I just don't want to open a can of worms

_Andy_

Doesn't matter. If it's going to be rented out it will need consent to let. Only your lender can tell you if they will allow it.

Thrugelmir

ryan_d wrote: »

I just don't want to open a can of worms

Asking for current policy is nothing out of the ordinary.

ryan_d

My impression as a borrower / mortgagee with ME is that all they want to do is shuffle you away to other lenders and or make you increase your repayments. And so they will see this is a means to force me onto another BTL lender... but I might be wrong. As you said, I am entilted to enquire about rules.

ME use an online valuation tool which is based on (I'm guessing) prices recently achieved. And there have been four houses sold for less than the mortgage I owe on the property... so they will believe me to be in negative equity. However, each of these houses bought by a developer has been bought to demolish and rebuild - none where mortgageable and had sat empty for 15 years having been purchased due to proposed road scheme which never took place.

Does anyone know if they have to have a certain level of equity to transfer onto a BTL from Homeowner mortgage?

Thrugelmir

As part of B&B now NRAM. I doubt that they are offering any new mortgage products.

ryan_d

Yeah... they categorically state that they are closed for new business and will offer further lending to existing borrowers in exceptional circumstances ie roof falling down and they will lend as a sub account, as much for their own security as the borrower's.

What's NRAM?