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Notifying lender of intention to let on a residential mortgage?
Comments
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I've got my financial advisor on the case now - he's ringing someone at Abbey to find out.
Another thing that's just struck me is that they may only give consent to let for 12 months or something, after which time our fixed rate comes to an end and we'll need to remortgage on a BTL... and then we'll be stuck
Our rental income won't be anywhere near 125% of the monthly mortgage payment... hmmmmmmm what a predicament :cool: _________________________________________________
2011 wins: Gillette Fusion ProGlide Razor, DC Skate Shoes, Stylerush straightening irons, Signed Derren Brown Autobiography, Brazilian Football Shirt, Open Season 3 DVD, Chocolate Bouquet, AA batteries, £200 B&Q Giftcard0 -
I've got my financial advisor on the case now - he's ringing someone at Abbey to find out.
Another thing that's just struck me is that they may only give consent to let for 12 months or something, after which time our fixed rate comes to an end and we'll need to remortgage on a BTL... and then we'll be stuck Our rental income won't be anywhere near 125% of the monthly mortgage payment... hmmmmmmm what a predicament :cool:
That is a serious problem which you need to address. If your fixed rate ends and you can't get a BTL mortgage elsewhere, you will be stuck on Abbey's SVR. Can you afford that?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
That is a serious problem which you need to address. If your fixed rate ends and you can't get a BTL mortgage elsewhere, you will be stuck on Abbey's SVR. Can you afford that?
Would Cheddar be allowed to stay on the SVR?
Cheddar, did you get any further forward with this, did your IFA speak to Abbey?0
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