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Not sure which mortgage to get

Mortgage1234
Posts: 3 Newbie
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.
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.
0
Comments
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Anybody ��0
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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 criteeiaCurrent 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:0 -
I know I'm not after all the answers off one person. Just trying to get some ideas/information before it gets to that.0
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