Advice Needed: Switching from SVR to Buy-to-Let Mortgage with Halifax

Gary_Laurus

Hi everyone,

I'm currently on a Standard Variable Rate (SVR) mortgage with Halifax and considering switching to a buy-to-let mortgage as I need to be abroad for family reasons for an extended period. One requirement I came across for the switch is having another property in the UK, which I currently don't have. The property I'm looking to rent out is valued at £260,000 with £42,000 remaining on the mortgage.

Has anyone here transitioned from an SVR to a buy-to-let mortgage under similar circumstances with Halifax? How did you navigate the requirement of owning an additional property? Were there challenges or financial implications I should be aware of? Any advice or recommendations for brokers or organisations that could assist would be greatly appreciated, especially in securing a favourable rate.

Thanks in advance :-)

eddddy

Have you considered asking Halifax about giving you 'Consent to Let' with your current mortgage?

Or is there a reason why that's not suitable?

born_again

When you come back (what sort of time frame are you looking at) are you wanting to live in your house again?
Best to have a word with Halifax & see what options they come up with.

propertyrental

Yes apply for CTL.

How long will you be away for ? A few months? 6? A year? More?

There are a host of things to consider if letting out your property so consider those carefully and don't just rely on an agent.

Remember whatever tenancy agreement might say, you may not be able to easily get the property back when you want/need it.

Oh -and don't forget tax......

Post 7: New landlords (1):advice & information :see links in next post

Post 8: New landlords (2): Essential links for further information

Post 9: Letting agents: how should a landlord select or sack?

theartfullodger

born_again said:

When you come back (what sort of time frame are you looking at) are you wanting to live in your house again?
Best to have a word with Halifax & see what options they come up with.

Agreed:

Ask halifax (nicely...)

Are you trained in how to be a landlord AND landlord/tenant law?? In most UK countries there are more than 100 laws and regulations - which if you don't fully comply might mean being unable to enforce eviction through the courts.

I ask as when I started as a landlord (2000- still going) - I thought I knew what I was doing, didn't, big, complex, painful, stupid long-drawn out mistakes.

Oh my stupidity! Oh the Hubris!

NB Are you confident you would make a profit?? CGT and other taxes may be going up soon, and the law changing further.