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Miss Mention

Posts: 2
Joined: 22/8/2004

Buy To Let Mortgage Advice
Trying to work out if there is any law which states you must go with a mortgage on the basis of what you want to do with your property. For example do I have to go with a buy to let mortgage if I want to buy a property knowing I will eventually want to rent/let it or can I go with a regular mortgage and let it anyhow? Without a buy to let mortgage am I still eligible to be able to get cover for rent guarantee?

Report Abuse | Date 22/8/2004 1:56:03 AM

P.Pilcher

Posts: 113
Joined: 25/7/2003

RE: Buy To Let Mortgage Advice (in reply to Miss Mention)
There is no law, it is just the conditions on which the mortgage company will lend you the money. If you state that you live in the property when in fact you don't then you are falsifying a document which is illegal. However, if your lender finds out that the property on which your loan is secured is not as stated on the application form, they could well demand immediate repayment of the mortgage (there is bound to be a small print condition enabling them to do this) which could prove nasty. Don't forget that if you have already got a mortgage, then the mortgage company will have to take this into account before agreeing to a further advance, but if you declare the mortgage as a BTL one they will consider the rental income that the property should generate when considering an offer. If you haven't got a mortgage and own your own property then it is legitimate to take out a mortgage on your own property and use the proceeds to buy a further property to rent, renovate or do what you like with. P.P.

Report Abuse | Date 26/8/2004 9:31:05 PM

Miss Mention

Posts: 2
Joined: 22/8/2004

RE: Buy To Let Mortgage Advice (in reply to Miss Mention)
Thanks for the response PP much appreciated.

Report Abuse | Date 27/8/2004 12:13:14 AM

andrewpeers

Posts: 8
Joined: 5/1/2003

RE: Buy To Let Mortgage Advice (in reply to Miss Mention)
Banks are generally ok with 'change of circumstance' as long as a nice polite letter is written in advance of the event taking place. eg buy with the intention of living there - x months after completion hypithetically you have to move out to look after an ill relative - before officailly moving out ask their permission to move out on a temporary basis but you wouldn't wan't to sell as you might move back in shortly and redemption penalties so don't want to sell either - ask them for temporary permission to let. this way you have best of both worlds - resi rates and conditions(higher LTV's too),no rental assessment initially and its all legal - as long as your 'intention' is to move in regards Andrew Peers - indep mortgage broker / property developer andrewpfs@aol.com

Report Abuse | Date 7/9/2004 5:29:35 PM

landlordmortgages

Posts: 3
Joined: 11/12/2006

RE: Buy To Let Mortgage Advice (in reply to Miss Mention)
You must obtain your mortgage lenders permission prior to letting your property. If you fail to obtain consent you will be breaking your mortgage conditions thus you could get a 'black mark' if the lender ever finds out! Buy To Let Mortgages

Report Abuse | Date 11/12/2006 2:22:47 PM

simhar

Posts: 101
Joined: 5/4/2007

RE: Buy To Let Mortgage Advice (in reply to Miss Mention)
A friend of mine bought his house with a standard mortgage then rented it out - with the lender's permission. Is this an alternative to an expensive buy-to-let mortgage ! email: simhar@talk21.com web: Properite Landlord Software

Report Abuse | Date 25/5/2007 7:25:47 AM

chrisbell

Posts: 37
Joined: 4/6/2006

* IGNORED * (in reply to Miss Mention)
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Report Abuse | Date 14/6/2007 7:47:58 AM

simhar

Posts: 101
Joined: 5/4/2007

RE: Buy To Let Mortgage Advice (in reply to chrisbell)
5-10 fixed rate deals are naff ! They usually have HIGH redemption penalties and often come out highly UNCOMPETITIVE. TTFN simhar < Message edited by Admin -- 8/9/2007 5:35:17 PM >

Report Abuse | Date 29/6/2007 7:33:46 AM

nickproject

Posts: 4
Joined: 6/8/2007

RE: Buy To Let Mortgage Advice (in reply to Miss Mention)
The Money Centre offers great advice on buy to let mortgages. They are buy to let mortgage specialists and it is a great place to start if you are looking for advice. < Message edited by Admin -- 8/9/2007 5:35:38 PM >

Report Abuse | Date 30/8/2007 6:17:04 PM

P.Pilcher

Posts: 113
Joined: 25/7/2003

RE: Buy To Let Mortgage Advice (in reply to Miss Mention)
The same applies to "landlord mortgages" above. Naturally, he doesn't want to advertise as he is a pro and doesn't want to take advantage, but I'll recommend him instead! P.P.

Report Abuse | Date 31/8/2007 10:43:52 AM

simhar

Posts: 101
Joined: 5/4/2007

RE: Buy To Let Mortgage Advice (in reply to P.Pilcher)
he-he-he-he-he !!

Report Abuse | Date 20/9/2007 6:21:27 PM

enrikole

Posts: 10
Joined: 27/2/2008

RE: Buy To Let Mortgage Advice (in reply to Miss Mention)
You must obtain your mortgage lenders permission prior to letting your property < Message edited by Admin -- 4/3/2008 7:44:40 PM >

Report Abuse | Date 3/3/2008 2:50:15 PM

simhar

Posts: 101
Joined: 5/4/2007

RE: Buy To Let Mortgage Advice (in reply to enrikole)
yeah - and? cheers simhar < Message edited by Admin -- 15/3/2008 4:17:38 PM >

Report Abuse | Date 8/3/2008 6:29:20 PM

gonafonso

Posts: 1
Joined: 25/3/2008

RE: Buy To Let Mortgage Advice (in reply to simhar)
Hi Anyone that wants a buy to let should go for a buy to let mortgage, only if you are first time buyer and wants to risk, can go for a normal mortgage and 6 months later ask for letting permission. Cheers Gon < Message edited by Admin -- 30/3/2008 1:27:03 PM >

Report Abuse | Date 25/3/2008 12:41:45 PM

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