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Advice needed – Can I let out on a residential Mortgage.
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Medihv
Posts: 49 Forumite
Hello all,
Really appreciate any help you are able to offer here.
In the Military and being posted to a new location. In the process of buying a house (early stages – not expecting to complete for several weeks yet) and I’ve just been offered a better position elsewhere temporarily (18 – 24 months. I can get military accommodation at the other site, so that’s not a problem.
I was planning on pulling out of the purchase, I really hate to do it to the sellers… But a close friend of mine lives in that area. After a conversation he is very keen to rent the house.
Looking into the mortgage. I do not have enough money saved for the 25% deposit for buy to let. Im currently set to put down about 12%. The most I could get to would be 20%. So I seriously doubt if I could get a buy to let. I do not own any other property.
I’ve heard about people getting consent to let, but assume that’s after then have owned the home for a certain period.
Quite keen to buy it, rent it to him for 18 months or so. And then live in it when I do start the new job.
Another point that is worthy of note. I managed to get a really good deal on this property. Even the survey valued it at 244k and my offer was accepted as 219. They are selling fast due to a break up.
Is there any way I can legally rent it out? Or are the banks really bothered if I let someone else stay in it until I get sent down with work?
Thanks!
Really appreciate any help you are able to offer here.
In the Military and being posted to a new location. In the process of buying a house (early stages – not expecting to complete for several weeks yet) and I’ve just been offered a better position elsewhere temporarily (18 – 24 months. I can get military accommodation at the other site, so that’s not a problem.
I was planning on pulling out of the purchase, I really hate to do it to the sellers… But a close friend of mine lives in that area. After a conversation he is very keen to rent the house.
Looking into the mortgage. I do not have enough money saved for the 25% deposit for buy to let. Im currently set to put down about 12%. The most I could get to would be 20%. So I seriously doubt if I could get a buy to let. I do not own any other property.
I’ve heard about people getting consent to let, but assume that’s after then have owned the home for a certain period.
Quite keen to buy it, rent it to him for 18 months or so. And then live in it when I do start the new job.
Another point that is worthy of note. I managed to get a really good deal on this property. Even the survey valued it at 244k and my offer was accepted as 219. They are selling fast due to a break up.
Is there any way I can legally rent it out? Or are the banks really bothered if I let someone else stay in it until I get sent down with work?
Thanks!
Great things are done by a series of small things brought together.
If you cannot do great things, do small things in a great way.
The greatest good you can do for another is not just to share your riches but to reveal to him his own.
If you cannot do great things, do small things in a great way.
The greatest good you can do for another is not just to share your riches but to reveal to him his own.
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Comments
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Many lenders will allow services personnel to let from day one using a residential mortgage. Check with yours.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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