NatWest Mortgage

I live with my partner (ex now) in our mortgaged home. We have decided to rent out this property and buy our own individual flats.

I have an AIP with NatWest however when I try to continue to apply online, it asks if I’ll be settling any current mortgage and if not I can’t proceed online. 

Why would this be? I need to call the mortgage number tomorrow.

Comments

  • Hoenir
    Hoenir Posts: 6,640 Forumite
    1,000 Posts First Anniversary Name Dropper
    Unfortunately not as simple as renting it out and obtaining a second residential mortgage for yourself. That's the bottom line. Lot more information will be required and potentially a change to the existing mortgage onto a BTL basis also. 
  • Emmia
    Emmia Posts: 5,072 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 25 June 2024 at 8:23PM
    You need to switch the property you own with your ex to a buy to let in order to rent it out - this will be assessed on potential rental income and on your ability to pay the mortgage (between you) during empty "void" periods. 

    You then would be assessed in the usual way on your new property in terms of affordability. And your ex on their new property. Taking into account the BTL.

    It would probably be easier if you sold the place you're currently sharing and then used the proceeds to go towards your respective new places.

    *Your current mortgage is unlikely to allow you to rent it out, without seeking the lender's permission either with a short term 'consent to let' or switching to a buy to let deal.

    Renting it out without agreement risks the lender asking for the ENTIRE outstanding mortgage to be repaid.
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