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Can't get buy to let mortgage. Help!

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  • asus1987
    asus1987 Posts: 40 Forumite
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    my own short story,

    purchased a flat on residential, after 6 months applied for consent to let - granted
    went abroad for a bit, Came back, Living with partner in her flat,

    My consent to let technically expired 2 years ago, The mortgage reverted to the standard rate,
    im still paying it, the tennant is still in there and the mortgage company have never said anything to this date,

    could always chance it and see if anyone notices,
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    asus1987 wrote: »
    my own short story,

    purchased a flat on residential, after 6 months applied for consent to let - granted
    went abroad for a bit, Came back, Living with partner in her flat,

    My consent to let technically expired 2 years ago, The mortgage reverted to the standard rate,
    im still paying it, the tennant is still in there and the mortgage company have never said anything to this date,

    could always chance it and see if anyone notices,


    I think the change now is that HMRC are actively trying to find out who is letting property (not really difficult to do?) and obviously they will start with larger portfolio landlords, but is it worth the risk and hassle?
  • asus1987
    asus1987 Posts: 40 Forumite
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    for me yes,

    same trap as the OP , i dont earn 25k, , would need a specialist broker of some sorts, i see no need to poke the bear

    i pay the mortgage, i collect the rent, I do pay tax ( so im sure already hmrc know i let the property- since i pay the tax due)
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
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    littlevic wrote: »
    In October 2016 I began working in Spain. I got permission to let my UK house from my mortgage company for 1 year until 1st October 2017. The house is let through a letting agent.
    The mortgage company told me that after a year I would need to change my mortgage to a buy to let if I wanted to continue renting it out.
    Well, I do want to stay abroad for another year, My mortgage company doesn't offer buy to let mortgages and the mortgages I've looked into all require a salary of over £25000 - which I earn nothing near! All the mortgage companies I've tried won't touch me because I live abroad and earn less that £1500 per year. What are my options other than sell my house? It's a great investment and I've a great deal of equity tied up in it. Any advice please??!!

    Are you including the rent in the I assume £15000 per year? It isn't really £1500 is it? Sell the house. You will have a terrible problem if your tenant stops paying rent. It is better to sell the house than have it repossessed.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    Cakeguts wrote: »
    Are you including the rent in the I assume £15000 per year? It isn't really £1500 is it? Sell the house. You will have a terrible problem if your tenant stops paying rent. It is better to sell the house than have it repossessed.


    Most tenants just don`t stop paying rent though?
  • martindow
    martindow Posts: 10,218 Forumite
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    Crashy_Time wrote: »
    Most tenants just don`t stop paying rent though?
    True, but some do. If the LL has little or no resources in cash, a T not paying rent or a void could cause major problems as Cakeguts said.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    martindow wrote: »
    True, but some do. If the LL has little or no resources in cash, a T not paying rent or a void could cause major problems as Cakeguts said.


    Dropping the rent should avoid voids so to speak, and realistically how long could a non-paying tenant cling on in a property?
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