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Renting and Remortgage
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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
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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
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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
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