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Will my lender let me let out my house on the same mortgage deal I have now?
makingplans
Posts: 1 Newbie
Hi - I have to move for work and will rent for a while but dont want to sell my place just yet. I have a low interest deal from my lender (.75% plus BofE) and dont want to lose that product.
Any advice on how to handle this with my lender. My broker tells me that they will probably want to take me off that deal and convert to a BTL or at least increase the rate. Should I even tell them and what is the likelihood/risk of getting caught. I understand that I can port the mortgage to another property, but am not yet ready to buy elsewhere unless that is the only way of keeping that rate.
Thanks in advance
Any advice on how to handle this with my lender. My broker tells me that they will probably want to take me off that deal and convert to a BTL or at least increase the rate. Should I even tell them and what is the likelihood/risk of getting caught. I understand that I can port the mortgage to another property, but am not yet ready to buy elsewhere unless that is the only way of keeping that rate.
Thanks in advance
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Comments
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Without knowing which lender it is, it's pretty much impossible to answer.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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Yes, it depends on the lender.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
It depends on the duration, and you meeting other conditions they will stipulate. They will find out for sure, either through returned post, or through bureaux records - thoroughly recommend against non-disclosure.
I think some are starting to get stricter about rates, and were I the lender I would not want a CTL on that rate.
You'll only know by asking, and it may be that you could reconsiderSo many glitches, so little time...0
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