Renew mortgage

tasha35

Hi,
I wonder if you can advise please. We seem to be stuck between a rock and a hard place.
We have a fixed rate on our mortgage that ends 31/08/2020, we are on under 2% apr.
We are changing careers and hopefully moving to the south west.
We would like to rent our property out whilst we find iur feet in our new careers and location.
However, we appear to have a slight issue. We can do a consent to let starting August 2019, that could be valid for up to 3 years. This means we keep the rate we are in now plus 1% to change the terms.
The concern is when that comes to an end next August when the fixed rate is up, we’ve been told if we are on a consent to let we cannot do a new deal, we’d have to sit on the variable rate which is around 4-5% plus the 1% for the let.
This seems crazy that we are forced into the rate when there are better deals.
There could maybe be the option to do a buy to let, but we are not buying a new property yet, we were going to rent in the south west for the first few years, but as it stands the profits we hope to have made will now be non existent in year 2.
Is there anything we can do?
Our salaries are going to be lower as we are starting from scratch so I’m worried that a buy to let won’t even be feasible esp when we are doing a let to let.
Hope that makes sense.

foxy-stoat

Assuming you wont be able to afford the mortgage on the current property and rent in the new location, if that is the case then sell the property and rent somewhere for 6 months or a year, then buy somewhere. Just go on to the SVR.

You could be in for a world of pain if you decide to become a landlord.

tasha35

Originally we could afford to rent our house to cover the mortgage and have profit to put towards the new rental in the south west. However, Year 2 appears to be the issue, where it would leave us with no profit.
Just didn’t know if there was an option we had missed.