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!

Not sure which mortgage to get

Hello
I would like to get some advice on my mortgage. I'm about to remortgage and have found a good deal with NatWest 2.09% interest fixed for 5 years with no fees. However I will be working away 5/6 days a week soon and would probably need to let it out at some point. My options are:
1 stay with current provider who said will give me consent to let but only after a 2% raise in interest brining it to nearly 6%.
2 Look for a buy to let mortgage. This is what I would like to do but don't know if I would get accepted as I have only been with the current company for 4 months and before that I was an agency worker so my last P60 has about 15 different employers on it and I believe this would work against me.
3. Go for the mortgage with NatWest then hope I would get consent to let once I start working away. The problem with this is I don't know if I would fit the criteria to get permission. Does anyone know what they ask? I know there is a £100 fee and a possibility the interest rate will increase but I'm ok with that.
The rental income would cover 125% of the mortgage, I would be borrowing 70% LTW and would not be renting to DSS or family members.
Would like to know how long I could rent out for too please.

I know some people just get a normal mortgage and don't tell the banks they are renting but I'm not going into that it's too risky and I'm happy to pay the extra interest and fees but I just don't want to end up paying for an empty house while I'm working away.

Any advice would be greatly appreciated.

Comments

  • Anybody ��
  • Debtslayer
    Debtslayer Posts: 447 Forumite
    I would suggest you contact a mortgage broker as you have quite a few questions there and they'll have done this sort of thing hundreds of times before and will know lenders criteeia
    Current Mortgage 01.10.17 £113,513.88
    MFW Start Mortgage: £114,794.64
    Current MED: 2036:eek: Target MED: 2026 ;)
    Overpayment Target for remainder of 2017: £2,000
    Mortgage overpayment savings: £684.80
    MFW No 124 :money:
  • I know I'm not after all the answers off one person. Just trying to get some ideas/information before it gets to that.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

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

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.