Bank of Ireland & SVR

kiwigirl_1980

Hi all

So I am with BOI on their SVR mortgage.

I am almost finished doing up my flat after the longest 3 years of my life. While I like my flat I need to be free of it so am looking to either rent it or sell it.

Properties in my street just dont seem to be selling and I dont think its to do with them properties being over priced and I after all the work/money I have put into the place I dont really want to sell it for what I paid for it, and everyone I know says to hold on to it & rent it.

I dont think BOI are doing new mortgages and as I only had 5% deposit when I bought the flat and had an interest only mortgage I dont have enough equity to get a Buy to Let mortgage elsewhere, I'm also doubtful i could get a normal mortgage elsewhere.

So I was wondering has anyone had any dealing with the BOI (or other banks on renting out property while on SVR?

Do you need to get consent to let if you are in SVR?

kingstreet

You need to request consent to let regardless of the mortgage rate. You applied for a residential mortgage, now you no longer want to live in the property. You are asking the lender to revise its terms.

You will also need consent to sublet from the freeholder of the building.

Thrugelmir

kiwigirl_1980 wrote: »

I dont think BOI are doing new mortgages and as I only had 5% deposit when I bought the flat and had an interest only mortgage I dont have enough equity to get a Buy to Let mortgage elsewhere, I'm also doubtful i could get a normal mortgage elsewhere.

Then start paying down your mortgage. CTL doesn't solve the problem. If anything compounds it.

somethingcorporate

Just to try and give a relevant view from my BOI experience, they were fantastic when I converted to C2L on one of their fixed mortgages, quick, low hassle, no change to rates - could not have been better.

Do take account of the very useful posts above mine though!