Morgage - morgage to rent
#1
Morgage - morgage to rent
Have you had a morgage on a house then had the option to work overseas but didn't want to sell your house?
How easy is it to swap over to a morgage to rent and any ideas how much it would cost.
We are only spit balling at the minute but am curious at the options.
House was purchased for £220,000 valued now at £255,000
Would rather keep it incase after a few years we want to come back. Is it easy to go from morgage to rent to morgage to buy?
Opionions please.
*I'm not spell checking as it wants me to download something - Probably a link to loads of hot women gagging for it in Milton Keynes.*
How easy is it to swap over to a morgage to rent and any ideas how much it would cost.
We are only spit balling at the minute but am curious at the options.
House was purchased for £220,000 valued now at £255,000
Would rather keep it incase after a few years we want to come back. Is it easy to go from morgage to rent to morgage to buy?
Opionions please.
*I'm not spell checking as it wants me to download something - Probably a link to loads of hot women gagging for it in Milton Keynes.*
#4
Scooby Regular
Join Date: Sep 2006
Location: RIP Tam.
Posts: 5,108
Likes: 0
Received 0 Likes
on
0 Posts
Depends on who you want to rent it out too as some mortgage companies (I know Halifax used too) allow normal mortgages to be used if renting to family members, however if it was to AN Other then you would probably need to change it.
#5
Scooby Regular
iTrader: (6)
Join Date: Apr 2005
Location: Stroke it baby!
Posts: 33,828
Likes: 0
Received 0 Likes
on
0 Posts
Most lenders will grant a "consent to let", some will charge you an extra 1% on your rate, others will just give consent and keep the original payments.
The last one I did involved a 5 minute phone call and a £250 fee, but did manage to keep the same rate as the residential mortgage.
I'm not sure what your house value has to do with this, as you don't state any LTV.
The last one I did involved a 5 minute phone call and a £250 fee, but did manage to keep the same rate as the residential mortgage.
I'm not sure what your house value has to do with this, as you don't state any LTV.
Last edited by cookstar; 24 March 2013 at 11:07 PM.
#7
Trending Topics
#9
Scooby Regular
Join Date: Mar 2000
Location: Weston Super Mare, Somerset.
Posts: 14,102
Likes: 0
Received 0 Likes
on
0 Posts
When I went overseas I just let my place out and didn't say anything to the mortgage people on the "best not to ask" principle. I did have someone in UK keeping a wary eye of the place. No problems.
dl
dl
#10
Scooby Regular
iTrader: (4)
Join Date: Apr 2005
Location: Co. Down, Northern Ireland
Posts: 562
Likes: 0
Received 1 Like
on
1 Post
Would love to know the implications of this as im on the brink of doing the same thing, i have the option "consent to let for £100" if i so choose, but interested to know what happens if i dont bother ?
#11
Scooby Regular
Join Date: Mar 2000
Location: Weston Super Mare, Somerset.
Posts: 14,102
Likes: 0
Received 0 Likes
on
0 Posts
If you keep quiet you're unlikely to be grassed up but things could get nasty if that happens. There will be 2 pages of small print
dl
#13
Scooby Regular
Join Date: Feb 1999
Location: Cardiff. Wales
Posts: 11,758
Likes: 0
Received 0 Likes
on
0 Posts
Have you had a morgage on a house then had the option to work overseas but didn't want to sell your house?
How easy is it to swap over to a morgage to rent and any ideas how much it would cost.
We are only spit balling at the minute but am curious at the options.
House was purchased for £220,000 valued now at £255,000
Would rather keep it incase after a few years we want to come back. Is it easy to go from morgage to rent to morgage to buy?
Opionions please.
*I'm not spell checking as it wants me to download something - Probably a link to loads of hot women gagging for it in Milton Keynes.*
How easy is it to swap over to a morgage to rent and any ideas how much it would cost.
We are only spit balling at the minute but am curious at the options.
House was purchased for £220,000 valued now at £255,000
Would rather keep it incase after a few years we want to come back. Is it easy to go from morgage to rent to morgage to buy?
Opionions please.
*I'm not spell checking as it wants me to download something - Probably a link to loads of hot women gagging for it in Milton Keynes.*
#15
Scooby Regular
iTrader: (6)
Join Date: Apr 2005
Location: Stroke it baby!
Posts: 33,828
Likes: 0
Received 0 Likes
on
0 Posts
Renting out potentially £250'000 worth of house, and cutting corners to try and save £100??
You will also need to have a proper insurance policy covering you as a Landlord, if you keep your residential insurance policy and need to make a claim, you might find you're in for a nasty surprise.
You will also need to have a proper insurance policy covering you as a Landlord, if you keep your residential insurance policy and need to make a claim, you might find you're in for a nasty surprise.
Thread
Thread Starter
Forum
Replies
Last Post