shelz Posted May 21, 2014 Report Share Posted May 21, 2014 Hello, Aiming to get out to Perth July 2015 and will be looking to change our UK mortgage to a buy to let and renting it out....how long before should I be asking mortgage company to change my product or start to look around?? My mortgage company also is not dealing with direct enquirie's anymore and i apparently need to go through a independent financial advisor to ask to change any product! (seems daft) I am under the impression that once to change to a buy to let mortgage you cant reside in your own home so timing would be difficult as I don't think anyone could guarantee the house would be let once it was changed over??? Im a little confused! Any advise from anyone who has done this? Thanks in advance Quote Link to comment Share on other sites More sharing options...
Raychelsb Posted May 21, 2014 Report Share Posted May 21, 2014 Hi, I'm in a similar situation. Our mortgage provider HSBC won't switch to a buy to let mortgage and in fact we have struggled finding a provider that will offer this to us. (You have to have a very good loan to value ratio) but HSBC do offer a consent to let for 12 month periods. However, like you we are struggling on timings because once they grant you this (you have to apply in writing and it takes approx a week) the date for consent to let starts straightaway. So, it's a bit chicken and egg, do we get co set and then risk not getting a tenant for a while and waste some valuable time on the consent period or do we get a tenant lined up then apply for consent with the risk it could get refused ?! It's so stressful, I'm finding all this worse than applying for the visa! Good of luck with yours and I look forward to everyone's input for you x Quote Link to comment Share on other sites More sharing options...
KazG Posted May 21, 2014 Report Share Posted May 21, 2014 We were given a two year consent to let with an option for a third year. They asked for the date we were moving out and started from then. Out tenent moved in three weeks later. Quote Link to comment Share on other sites More sharing options...
Walkabout Posted May 21, 2014 Report Share Posted May 21, 2014 we re-mortgaged to a company that we knew would let us make the change later on, so we change our mortgage in the April then when we were leaving we called them up maybe a month before and got it all set to change over when the tenants were due to move in. (we went to the co-op if that helps anyone!) we found doing it this way meant that we didnt have to go through the lengthy process and try and get all the timings to line up as the switch within the company was very straight forward. Hope that helps! Quote Link to comment Share on other sites More sharing options...
shelz Posted May 27, 2014 Author Report Share Posted May 27, 2014 we re-mortgaged to a company that we knew would let us make the change later on, so we change our mortgage in the April then when we were leaving we called them up maybe a month before and got it all set to change over when the tenants were due to move in. (we went to the co-op if that helps anyone!) we found doing it this way meant that we didnt have to go through the lengthy process and try and get all the timings to line up as the switch within the company was very straight forward. Hope that helps! Thanks its all helpful, bit of a nightmare by the sounds of it - or think it might be for us. Dont want to be left in the situation that we are refused a BTL then have to sell up with a small time frame to actually sell it. Ideally want to rent though. We not planning to go till next year so might start approaching letting agents etc in New Year and a financial adviser to explore BTL. - another headache im sure. Quote Link to comment Share on other sites More sharing options...
Druid Posted May 27, 2014 Report Share Posted May 27, 2014 We cheated, we rented our house our privately for a couple of years, we told the bank we were going on a working holiday to Australia, which we were as we were on a 457 and friends would be staying in the house, it all worked fine, the place is empty now & up for sale, still no joy in selling, you really need to sell as having a property in the UK prevents you from moving on in Aus, when we looked into buy to let mortgages the interest rate was high, the house insurance was high, the agents fees were high, there was no way the rent was going to cover all the fees so it meant having to send back money & the exchange rate was bad for sending from Aus to UK what you earning Aus, here in Aus house prices are ridiculous, interest rates are higher than the UK! rents are high and bills are high, so it's a no win situation unless you sell, wish I could sell Quote Link to comment Share on other sites More sharing options...
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