SwissTony

iTrader: (19)

Girlfriend has a property which needs letting out, however she does not have a buy-to let mortgage currently and the current mortgage company wont move her over to one. So she has to shop around and find a company that does BTL mortgages so she can rent out her property. Obviously she cant leave the property vacant either as that is both costly and against the terms of the mortgage.


So does anyone know of ANY companies that are providing BTL mortgages as she hasn't found any yet and is quite desperate ?

fivetide

iTrader: (1)

I let a property with no buy to let. You simply need consent to let on your existing mortgage.

Basically if the rental income would cover 1.5 x the interest only mortgage then she should be ok. Most (if any BTL) only do 75% or less of the property cost so it can be a battle to get one plus the rates are higher.

Mine is with Northern rock on their Standard Variable Rate which in mortgage terms is high at the moment (5%ish) but in terms of BTL it is brilliant.

5t.

PaulC72

Another idea, do you have any family {or maybe friends} that are looking to rent short term while you sort something out as often alot of mortgage companies will allow family {and possible friends} rent out on the normal mortgage without changing the product.

We did it with our {no longer} old house my sister rented it out and Halifax were more than happy.

It may help in the short term while you change products etc.

SwissTony

iTrader: (19)

Thanks for the answers so far.
I think her current mortgage company are unwilling to switch packages as they are pretty upset at having her get such a great deal on her current tracker mortagage and would love to lose her as a client. Their fault, they sold it to her those years ago.

keep the ideas coming guys

nixxon

Don't tell them! How are they going to find out, and if they do?

SwissTony

iTrader: (19)

They can easily phone up the property or send someone around to check, has happened before I hear.

if they find out, they can ask for all the money back on the mortgage within 28 days ..could be wrong about this but dont want to chance it

Lady T

Im a mortgage adviser myself, BTL's are a bit tricky to get at the moment.
The only decent products out there have a low loan to value. ie...you would need a higher deposit/equity in the property.

Having said that, rates are changing frequently and its good to shop around, I deal with whole of market so I could run some quotes for you if you like...

What lender is she currently with?? Sounds a bit out of order for not changing it over...