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Help, we need to rent
karenloveskermit
Posts: 13 Forumite
We would love some help. Someone I know has moved in with his girlfriend and for the first year his mortgage provider, Halifax gave him a year consent to lease to rent his house out. When the year was up they wouldn't extend it. Therefore, he put it up for sale. The house has been up for sale for a year and he has tried to auction it. No joy! He is losing a lot of money as you can imagine. He can't get a buy to let mortgage as not enough equity. What can he do?
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Any viewings or offers in that time?
The only real reason a property won't sell is down to price. Is it priced realistically?I was a DFW, now I'm a MFW :T0 -
House was purchased for £80k and advertised at auction for £55k plus which wouldn't even pay the mortgage off
Had viewings but no offers. No negative feedback either. 0 -
Can he not live in it and sell his girlfriends?0
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Are you saying Halifax won't provide consent to let, or your friend won't accept the new product, three year fixed at 5.5% with £1,000 fee they impose after any existing special offer has ended?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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They didn't want to be tied in for 3 years but maybe this is what they will have to do. Will this mean that they can still rent the house out then? Can you do this on interest only at all to bring the payments down?0
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After the expiry of any existing deal, Halifax insists on a three year fix in return for consent for three years.
If the mortgage is already interest-only they will probably permit is to remain that way. If it's repayment now, a change to interest-only is not likely to be permitted.
CTL is, after all, only supposed to be for a limited period.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you, they were just really disappointed that Halifax wouldn't extend the ctl from a year to 3.. Can you get a new mortgage with anyone that would give a ctl straight away? 0
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No you can't get CTL immediately and to attempt it would be fraud as you intend to let straight away therefore a residential mortgage was inappropriate.
Could you not raise any borrowing on the second property to allow a BTL mortgage on this one?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
That's not possible0
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