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Buying a second home and renting out my 1st
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muffmagnet197
Posts: 15 Forumite
Myself and my brother bought our flat on a joint mortgage 7 years ago. He has since moved into a house of his own but is still on the joint mortgage for our flat. I am looking to buy a house of my own at the moment, but our intention is to rent the flat out rather than sell it. We have over paid the mortgage by a significant amount so any rent should easily cover the mortgage repayment on the flat. I dont know where to start with regards renting the flat out, will we need to get a BTL mortgage or will Nationwide have any objections to our plan? really not sure what to do for the best, any help would be greatly appreciated!
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New Landlords (information for new or prospective landlords)0
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Thanks for the link, I will have a read through!0
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Consent to let with Nationwide will see, after six months, your mortgage rate increased by 1.5% per annum.
As you will be purchasing a second property, some lenders will require a bigger deposit - Nationwide, for example, lends only upto 85% for a second property.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 -
I have a good deposit ready to buy my second house thanks to a share scheme through work, so the 85% loan shouldnt be a problem. Thanks for your input.0
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