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.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Converting Mortgage from Residential to Buy to Let
Outsider_83
Posts: 166 Forumite
Hi,
I am moving away with work for around one year and instead of selling my house I am considering renting it out. I am currently going into year four of a five year deal so I emailed my bank to ask them what I needed to do in order to convert the mortgage over. The email response was it was "It's ok as it is and I there is no need to do anything".
I just wanted to confirm if this is correct advice as I thought there were procedures involved when doing this?
I am moving away with work for around one year and instead of selling my house I am considering renting it out. I am currently going into year four of a five year deal so I emailed my bank to ask them what I needed to do in order to convert the mortgage over. The email response was it was "It's ok as it is and I there is no need to do anything".
I just wanted to confirm if this is correct advice as I thought there were procedures involved when doing this?
0
Comments
-
Outsider_83 wrote: »Hi,
I am moving away with work for around one year and instead of selling my house I am considering renting it out. I am currently going into year four of a five year deal so I emailed my bank to ask them what I needed to do in order to convert the mortgage over. The email response was it was "It's ok as it is and I there is no need to do anything".
I just wanted to confirm if this is correct advice as I thought there were procedures involved when doing this?
If your bank has confirmed this is okay, then it is okay. You might want to request that in writing for peace of mind, but sounds good to me.
My partner was in a similar position and your mortgage provider said it was okay and no need to convert to BTL.
I believe the official term is consent to let.0 -
Sounds like they're happy with Consent to Let (CtL) on your current mortgage - but I'd want it in writing. There's likely to be an annual charge, and they'll almost certainly want to review the tenancy.0
-
I was granted consent to let by my lender until the current fixed term ended (5yrs). They said they would review the situation then.
There was a one time payment of £100 and they did not require any details of the tenancy.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards