Buy to let mortgage

vaneeta

I want to move location (London) and have been offered a better job, but it is a one-year contract job. After this ends I will need to start job hunting for a permanent position.

I need to re-arrange my mortgage to a buy-to-let so I can rent it out or I can commute into London.

Will I be allowed a buy-to-let mortgage if I don;t have a permanent job? Also, would I be allowed to continue with my residential mortgage, if I decided to commute into London.

My mortgage agreement expires in October and after I will need to re-arrange it. The job starts in February and ends in December. . When I bought the house I already had 25% of the deposit. Will this factor into it.

Should I reconsider this temporary job and stick to my secure and permanent job?

Thank you in advance for all advice.

GMS

You may be better asking the lender for consent to let. This may incur a loading to your interest rate but may well be cheaper than getting a new Buy to Let mortgage, especially when you consider fees to come out of current and enter a new mortgage.

Where is the property located?

vaneeta

The property is located in Medway. I got the residential mortgage on a two year fixed contract, which ends in October 2013. I am thinking I will need to re-negotiate the mortgage in October anyway and therefore to change the lender.

Thrugelmir

vaneeta wrote: »

Should I reconsider this temporary job and stick to my secure and permanent job?

Only you can make this decision. The grass isn't always greener on the other side.

vaneeta

i think what I want to know is whether i would be allowed to change my mortgage to a buy-to-let, even if I don't have a secure job. Will any bank lend to me?

Thrugelmir

The majority of lenders now require a borrower to hold a residential mortgage as well as a BTL one.