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Letting my house that I just bought on a residential mortgage
wheelspins2k
Posts: 4 Newbie
Hi,
We are in the process of buying a house. In 6 months time we are planning on taking a career break for travel abroad for 12 months. We will want to let the house out during this time.
I'd like to know if this is likely to be allowed under our current residential mortgage. It is with accord (yorkshire building society) and will be on a 2 years fixed term. We haven't told them before hand about our plans to rent out in the near future. I understand we would have to apply for a 'consent to let'. Is this likely to be granted given the reasons are for travel? What are the chances they would switch us to a buy to let mortgage or change our rate?
How do we show that we aren't buying this property purely for investment and that when we return we wil be living in it.
Not sure if it makes any difference but the value is approx 142k and th mortgage is for 101k? our rate is 2.39%
Any help appreciated :-)
PS We are aware of the risks of not finding a tenant and problems which may arise letting a house whilst we are abroad etc. This message is purely in regards to the lenders point of view in allowing house to be let?
We are in the process of buying a house. In 6 months time we are planning on taking a career break for travel abroad for 12 months. We will want to let the house out during this time.
I'd like to know if this is likely to be allowed under our current residential mortgage. It is with accord (yorkshire building society) and will be on a 2 years fixed term. We haven't told them before hand about our plans to rent out in the near future. I understand we would have to apply for a 'consent to let'. Is this likely to be granted given the reasons are for travel? What are the chances they would switch us to a buy to let mortgage or change our rate?
How do we show that we aren't buying this property purely for investment and that when we return we wil be living in it.
Not sure if it makes any difference but the value is approx 142k and th mortgage is for 101k? our rate is 2.39%
Any help appreciated :-)
PS We are aware of the risks of not finding a tenant and problems which may arise letting a house whilst we are abroad etc. This message is purely in regards to the lenders point of view in allowing house to be let?
0
Comments
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Why not ask your lender in the first place?Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0
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This sounds like an attempt to get a BTL property on a residential rate and there's nothing you can say which will make it look any different.
I don't know what Accord's attitude will be now, or if you request consent to let in six month's time.
As you've used a broker, what is their opinion?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 -
It is possible, but unlikely, since the CTL application is so soon after the mortgage was taken out.
As kingstreet says, they will suspect you planned this from the start (as indeed you have!).0
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