We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Renting and Remortgage
TraderJack
Posts: 1 Newbie
Hi,
1st time post here and just looking for some advice.
I'm currentrly with XXXX on a 4.78%, on a 1 bed flat that's worth about £95,000. I owe about £87,000 on it, and i'm looking to re-mortage. The problem is i've been renting the property out without the mortgage company's knowledge. There is'nt enough capital in the property for me to get a Buy2Let mortage. Does anyone know if there are any schemes where you can let your proeprty (legally), and change mortgage providers.
Thanks, Jack
1st time post here and just looking for some advice.
I'm currentrly with XXXX on a 4.78%, on a 1 bed flat that's worth about £95,000. I owe about £87,000 on it, and i'm looking to re-mortage. The problem is i've been renting the property out without the mortgage company's knowledge. There is'nt enough capital in the property for me to get a Buy2Let mortage. Does anyone know if there are any schemes where you can let your proeprty (legally), and change mortgage providers.
Thanks, Jack
0
Comments
-
There is insufficient equity for a remortgage, BTL or residential (even if you were living in it) IMHO.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
-
Perhaps better to sell the property. If you don't intend living in it. The costs of remortgaging, if it were possible, would add up too.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards