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Nationwide mortgage and letting out property
midge406
Posts: 51 Forumite
I am looking at moving to a bigger house and renting out my current property next year. The trouble is I will only be around two years into a five year fixed mortgage with nationwide.
Their website states I only have to tell them, pay a small admin fee and add 1% fee to the mortgage: http://www.nationwide.co.uk/support/support-articles/manage-your-account/letting-your-property/letting-your-property-overview
Has anyone on here done this? My main question is will I still have to meet the standard buy to let criteria of the rent bring 125% of the mortgage payment as I'm not sure I would meet that at that point.
Their website states I only have to tell them, pay a small admin fee and add 1% fee to the mortgage: http://www.nationwide.co.uk/support/support-articles/manage-your-account/letting-your-property/letting-your-property-overview
Has anyone on here done this? My main question is will I still have to meet the standard buy to let criteria of the rent bring 125% of the mortgage payment as I'm not sure I would meet that at that point.
0
Comments
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I doubt you will need to meet the standard buy to let criteria at that point since you would have already bought the house for 2 years. Even if you do, you would already have paid the mortgage down by 2 years, and you can make the term longer to lower the payment.
Have you asked their mortgage advisers this?2nd Aug, 15: £276k. 18th Sep, 15: £269k. 30th Oct, 15: £265k.0
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