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.*

 

use a spell checker

 

you need a buy to let mortage i did this a few years ago, also if you make any profit you need to pay tax

 

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.

 

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.

 

I must stress I can spell opinions. My windows phone likes to spell like its a spastic! Hense the disclaimer.....

What's a LTV

 

Loan to value ratio.

Nik

 

We are in the process of buying another house and we will be renting out our current house. Our lender has provided a Consent to Let for a £100 fee.

 

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

 

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 ?

 

If it's only £100 I would pay for peace of mind.

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

 

Did consider staying quiet but don't know anyone who could afford or need a 4 bed. I would rather go through a company to rent while we are not here.

 

MORTGAGE!

 

MORTGAGE!

 

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.

 

£250k house, robsy you must be the number 1 photocopier repair man in the south.