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Renting out RTB home
dh1981
Posts: 31 Forumite
I'm preparing myself for abuse from RTB haters...but I have a question anyway.
I have lived in my current home for 4 years (plus previous council tenancies), applied for RTB 3 years ago and purchased nearly 2 years ago.
Since then I have met someone, he's moved in and we're expecting our first child next March. We plan on staying where we are for around a year, and then rent somewhere bigger when we can't cope in a 1 bed anymore...renting the rtb property out for a couple of years.
I have a mortgage with Halifax. Has anyone successfully switched their RTB mortgage to BTL within the 5 year discount repayment period? I know the restrictions on rtb mortgages can be difficult, but can it be done?
Yes, I'm evil for taking advantage of the RTB scheme. I did it to secure my own long term financial future - they only way I could afford to buy, and to give myself options later on. If the flat had another bedroom we'd stay put, but it doesn't.
I have lived in my current home for 4 years (plus previous council tenancies), applied for RTB 3 years ago and purchased nearly 2 years ago.
Since then I have met someone, he's moved in and we're expecting our first child next March. We plan on staying where we are for around a year, and then rent somewhere bigger when we can't cope in a 1 bed anymore...renting the rtb property out for a couple of years.
I have a mortgage with Halifax. Has anyone successfully switched their RTB mortgage to BTL within the 5 year discount repayment period? I know the restrictions on rtb mortgages can be difficult, but can it be done?
Yes, I'm evil for taking advantage of the RTB scheme. I did it to secure my own long term financial future - they only way I could afford to buy, and to give myself options later on. If the flat had another bedroom we'd stay put, but it doesn't.
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Comments
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What's the contract say?0
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the Halifax mortgage contract, or the lease?0
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You don't have to switch to a BTL mortgage, you can ask your lender for consent to let with your current mortgage. CTL is granted on a case by case basis so just phone Halifax and ask them.
As for becoming a landlord read G_M's guide to Tenancies in Eng/Wales. It contains information for new landlords, repairing responsiblities, deposits and selecting letting agents.
You'll also need to check your lease to see if the freeholder permits subletting.0 -
lets hope the council come back to you for the discount0
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Read point 9 under clause 3 in this guide - but it is contradictory so it's not clear whether you can let or not.
https://www.lease-advice.org/advice-guide/the-right-to-buy/
Have you thought about selling instead? You'll have to repay some of the discount but that seems fair to me. See point 11.0 -
I have lived in my current home for 4 years (plus previous council tenancies), applied for RTB 3 years ago and purchased nearly 2 years ago.
Brilliant, so your sorted.
Since then I have met someone, he's moved in and we're expecting our first child next March. We plan on staying where we are for around a year, and then rent somewhere bigger when we can't cope in a 1 bed anymore...renting the rtb property out for a couple of years.
I've met plenty of people. It didn't result in a child.
I'm sorry. You are taking the P.0 -
You need to check the terms and conditions of your right to buy agreement. Its usual for the council to claim back the discount if you sell or rent out within the first five years.0
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If allowed to rent it out you should seriously consider the risks. Would you be able to pay two mortgages if you got a tenant who didn't pay rent? With a young child I'd guess it is probably unlikely.
You don't want unnecessary stress with a young child.
Would it really hurt that much to stay until the pay back period is over?0 -
Bluebirdman_of_Alcathays wrote: »Why are they? :embarasse
I'd imagine that was self evident.0
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