First time buyer unsure of diff. mortgage benefits

gll5dm

bigisi wrote: »

Not a troll but certainly the latter two whether you like it or not. While I doubt anybody on here is perfect I can't see you getting anyone to encourage you to commit mortgage fraud (which oddly enough is a crime).

I'll take that. :T

marliepanda

gll5dm wrote: »

Yes, you're absolutely right. I have no intention of living in the UK for the rest of my life. I don't know when I will leave, but I would like it to be the end of the year, completely unsure on a date though.

So with that in mind, you're saying I have to get a buy to let mortgage, because I may be lucky enough to find a job abroad some time in the future?

You're funny.

You're clearly not very bright, or you forgot that you very clearly said you would conveniently forget to inform your lender when you moved, because, in your eyes, so many other people must be doing it.

Of course you don't need to get a BTL. You need to get a resi mortgage, and you NEED to let your mortgage company (aka the people who will own most of your house...) when you no longer live in it.

jkl123

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10418580/Lenders-crack-down-on-accidental-landlords.html

Just thought i would drop this here. According to the article, if you are caught renting out a property without permission, they could demand full repayment of the whole mortgage which would then lead to defaults. Also your insurance is void, so if your tenants were to trash the place, it would be coming out of your pocket.

To the op, if you want to do this legit, then maybe consider talking to a advisor as they would have dealt with people in similar situations and would know the best path for you. You could also looking into a variable mortgage so your are not tied in by a fixxed product. And then when you are moving away, look into remortgaging to a buy to let mortgage.
Of course, if you go ahead with the plan you have now, then you run the risk of being caught, and potentially loosing the house if they demand repayment in full.