Nationwide BMR - thinking of letting house

saverbuyer

warmhands.coldheart wrote: »

That would add potentially over £110/month to your repayments. For what exactly?

How do you know how much it adds?

For what?

Borrowing the banks money really.

warmhands.coldheart

saverbuyer wrote: »

How do you know how much it adds.

Sorry, based it on per £100,000 mortgage. so could be less or could be more....

saverbuyer wrote: »

...Borrowing the banks money really.

But nothing's changed other than the resident of the house. House hasn't moved or changed so as long as the OP has suitable Landlords Buildings insurance, why should the bank care, their money is safe!!

saverbuyer

warmhands.coldheart wrote: »

Sorry, based it on per £100,000 mortgage. so could be less or could be more....



But nothing's changed other than the resident of the house. House hasn't moved or changed so as long as the OP has suitable Landlords Buildings insurance, why should the bank care, their money is safe!!

The bank, who owns the house, judges the risk to be higher. So charge more.

Commercial lending in the majority of circumstances costs more.

saverbuyer

P.S. I don't think it's £110 a month.

loobiej1

I have a very low mortgage, it certainly isnt £110 a month.

For what... to do everything above board, if you dont get consent then this is fraud, its not your residential mortgage, i cant risk my house been taken away from me.