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Thread: Buy-to-Let

  1. #1
    Join Date
    Apr 2010
    Location
    Whangarei, Northland
    Posts
    197

    Default Buy-to-Let

    Hi

    Has anyone rented there home out in the UK and gone onto a BTL Mortgage?
    The problem we have is we are stuck in a fixed rate mortgage, which would not cover the fees etc to rent the property out, if we went for consent to let ( we got it just before they decided to drop the interest rate to the floor) so am looking at remortgageing to a BTL but just spoke to Coventry BS who do the best deal and they are saying we have to have been letting for 6 months before they will allow a mortgage.
    Any companies I could look at that you know of?, or any other suggestions that people have done in the same situation.

    Thanks in advance

    David

  2. #2
    Join Date
    Sep 2010
    Location
    Chch, NZ
    Posts
    209

    Default

    I asked my bank and they said I could rent on the mortgage I'm on now without charge. They really want to keep the business! That said, the tax implications aren't great for me and CGT comes into force after 3 years. I still don't know what to do!! Hopefully someone will come along who can give you some good advice!

  3. #3
    Join Date
    Apr 2010
    Location
    Whangarei, Northland
    Posts
    197

    Default

    Quote Originally Posted by whakapapa View Post
    I asked my bank and they said I could rent on the mortgage I'm on now without charge. They really want to keep the business! That said, the tax implications aren't great for me and CGT comes into force after 3 years. I still don't know what to do!! Hopefully someone will come along who can give you some good advice!
    Problem I have is because i took my mortage over such a short term the rental will not cover the mortgage and agent fee, and bank will not let me increase term without paying the redemption penalty which is 6 grand!!! and then it would be a new mortgage so won't allow me to rent for at least 6 months

  4. #4
    Join Date
    Jul 2009
    Location
    Beachlands NZ
    Posts
    111

    Default Buy to let (possible remortgage options)

    Hiya

    Its normally my wife who post on this forum. I normally just read whats going on. I think you have a couple of options, but rather than list everything here it may be best if you can pm me as a lot depends on your circumstances.

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