jillgamble Posted September 2, 2010 Share Posted September 2, 2010 Hi, we are moving to Melbourne in November and was wanting to rent our property in Leeds UK, BUT didn't realise our mortgage lender (first direct) will not allow us to rent our property. We need to transfer our existing morttgage to a buy to let mortgage - can anyone recommend any websites or lenders - did not realise it would be so difficult ! thank you Link to comment Share on other sites More sharing options...
Jobo Posted September 2, 2010 Share Posted September 2, 2010 I would recommend you speak to an independent financial adviser asap. I think with all mortgage lenders you have to notify them if you intend to rent the property to get their permission. I think the majority will impose some kind of charge such as additional interest or administration fees. some lenders will not allow you to rent the property without changing your terms to buy to let. The Buy to Let market was heavily hit by the credit crunch and some would argue that the previous 'relaxed' approach to lending to landlords contributed to the whole crisis. therefore expect to see additional charges and obligations if you move to a buy to let mortgage. the lower the LTV the better so if you only have a small amount of equity in the property you may need to think about paying a chunk off with savings. remember you also need landlord insurance etc so a IFA shoud be able to help you with all of this. hope that helps Jo Link to comment Share on other sites More sharing options...
Guest Batfinktasha Posted September 2, 2010 Share Posted September 2, 2010 We are with Santander, I got a financial advisor to ask them, so not to give them any ideas that we were looking to rent, turns out its a one off fee of £200 and thats it. We are selling now anyway, but there must be a better deal out there for you or a similar fee. Good luck. Tx Link to comment Share on other sites More sharing options...
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