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Mortgage to Let
tiggit
Posts: 19 Forumite
I have money for a house deposit and what I want to do is but a house, but then rent it out for a year to 18 months.
Do I have to just get a normal mortgage then let the property or do I HAVE to have a buy-to-let mortgage?
Thanks in advance
Do I have to just get a normal mortgage then let the property or do I HAVE to have a buy-to-let mortgage?
Thanks in advance
0
Comments
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You would be wise to have a btl mortgage then change it when you eventually move in. Banks take a dim view of people not using their products as they should.0
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How easy is it to get a Buy To Let mortgage with a 10% deposit?0
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Nigh on impossible: 25% is typical minimum for B2L. And whatever the mortgage payment per month is expected rent should be at least 125% of that...0
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The banks also take a dim view of you moving into your buy to let as it is a breach of the t&c's, my bank are still not happy with me being here 2 years after I moved in and want me to either move out or change it to residential.Life is not the way it’s supposed to be. It’s the way it is. The way you cope with it is what makes the difference.0
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Right better get saving more then! So you can't apply for a normal mortgage then turn it into a Buy to Let mortgage at a later date?
Thanks for all your help!0 -
You can get a normal mortgage and then apply for Consent To Let - but not straight away. If you applied immediately it would be pretty obvious you had intended to let the property all along and the banks would not be happy....
If you lived in it for 6 - 12 months and then explained you had to move away for work, you probobly get CTL depending on the lender.
[FONT="]Landlord Law[/FONT][FONT="] (Property solicitor’s website for landlords)[/FONT]0
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