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Buying a house and renting my flat?
Comments
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So it looks like the best option would be if I get this consent to let on my current mortgage on the 1 bed without having to take on a new buy-to-let mortgage - no need to pay double valuation fees, mortgage application fees etc etc which will quickly add up. Will speak to the lender (Santander) to see if that's possible.
Yes the extra SDLT on the new house (which'll count as a 2nd property) is worrying if we purchase after April 16! That'll be a significant dent in our savings! Sounds like we need to look around for a house before then and we haven't found one by then, reconsider our options.0 -
I did not know that you were married - you already have legal commitments towards each other then. Plus as others have said you will be paying extra stamp duty unless you hurry up! Don't forget to declare the rental income either.
It might serve you better to sell up and use the equity you have to reduce the new mortgage in the long run.0 -
Yes, one reason I wanted to keep my flat is as a fallback in case things do go sour sometime in the future.
Strange philosophy to have when you are only recently married. However, as Mrs P Bradley points out, you have a legal commitment to each other. If you do split up your wife will have a claim on the flat as well as any new house you buy to live in together regardless of whose names each mortgage is in.0
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