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Buying a flat to let outright
Ashingtonian
Posts: 137 Forumite
I'm thinking of buying a flat outright using some equity in my current property and letting it out. I've done the figures and should see a small return each month even allowing for repairs/voids etc. I consider it more of a little nest egg for my retirement fund in 20 years time to be honest.
My question is do I need to declare the reason for my remortgage to my current or prospective new lender? I'd imagine they wouldn't be keen to lend extra knowing the real reason? I don't want to go down the route of a BTL mortgage as the rate would be higher and I'm unsure I would be accepted anyway as my income would be classed as borderline.
My question is do I need to declare the reason for my remortgage to my current or prospective new lender? I'd imagine they wouldn't be keen to lend extra knowing the real reason? I don't want to go down the route of a BTL mortgage as the rate would be higher and I'm unsure I would be accepted anyway as my income would be classed as borderline.
Current MFD 1st July 2026
Target MFD 1st April 2023
Target MFD 1st April 2023
0
Comments
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Yes if increasing your current mortgage you'll need to say why.
But some/many lenders will agree (subject to affordability).
Are you sure you've factored in all the costs.......?
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