[Finance] Buy to Let Mortgages

[Renegade1]

Hi all.

Looking to get a buy to let mortgage for a flat.Wondering if there are any experts here who can advise
on the best deals?
I could get a further advance on a Nationwide Mortgage at a low rate however you can't use it to buy a property
to let (would they know?)

Buy to let rates are high after the first 2 years so is it easy enough to re-mortgage after 2 years
and continue with the low rates or will I be stuck with the higher rates?

Many thanks

 

[Bozza]

[MENTION=3887]Uncle Spielberg[/MENTION] is the resident favourite mortgage chap. Ping him a PM and he'll be right onto it.

 

[Tom Hark Preston Park]

[MENTION=3887]Uncle Spielberg[/MENTION] is the resident favourite mortgage chap. Ping him a PM and he'll be right onto it.

As will all the other NSC mortgage chaps who will feel miffed at being overlooked for the prospective business. They'll be all over this thread like a RASH

 

[Hampster Gull]

Corbyn will have you put back in your place

 

[LlcoolJ]

Sounds like a good mortgage advisor will be able to sort this without having to go down the BTL route.

 

[pearl]

Hi all.

Looking to get a buy to let mortgage for a flat.Wondering if there are any experts here who can advise
on the best deals?
I could get a further advance on a Nationwide Mortgage at a low rate however you can't use it to buy a property
to let (would they know?)

Buy to let rates are high after the first 2 years so is it easy enough to re-mortgage after 2 years
and continue with the low rates or will I be stuck with the higher rates?

Many thanks

they would probably find out at some point

 

[Renegade1]

[MENTION=3887]Uncle Spielberg[/MENTION] is the resident favourite mortgage chap. Ping him a PM and he'll be right onto it.

Thanks for that.I will PM him but I'm also very interested in the opinions of others.

 

[The Spanish]

they would probably find out at some point

Plus HMRC will ask to see the mortgage when you submit a tax return on the rental income

 

[LlcoolJ]

Plus HMRC will ask to see the mortgage when you submit a tax return on the rental income

No they won't.

 

[Triggaaar]

I could get a further advance on a Nationwide Mortgage at a low rate however you can't use it to buy a property to let (would they know?)

What would you be allowed to use it for? No, they wouldn't know.

Buy to let rates are high after the first 2 years so is it easy enough to re-mortgage after 2 years and continue with the low rates or will I be stuck with the higher rates?

Yes it's easy enough to re-mortgage (although circumstances can of course change). Just make sure you take into account any arrangement, valuation, and legal fees.

 

[Triggaaar]

they would probably find out at some point

Er, what? What is this opinion based on? I've never had any contact from any mortgage provider about where any money has gone once the money has been received. Once you have a mortgage and are paying it on time, that's it. They don't send PIs round to check on you.

 

[The Spanish]

No they won't.

What do they ask to see then?

 

[pearl]

Er, what? What is this opinion based on? I've never had any contact from any mortgage provider about where any money has gone once the money has been received. Once you have a mortgage and are paying it on time, that's it. They don't send PIs round to check on you.

It's based on a friend's experience. Houses are fine, flats are different

 

[Triggaaar]

It's based on a friend's experience. Houses are fine, flats are different

They're not in my experience. It could be different if getting a mortgage for a property you're supposed to live in, and then not living there, but that's not what the OP was suggesting.

 

[pearl]

They're not in my experience. It could be different if getting a mortgage for a property you're supposed to live in, and then not living there, but that's not what the OP was suggesting.

yeah your right ... sorry. My friend was living in the flat, but then moved in with partner and let the flat

 

[LlcoolJ]

What do they ask to see then?

Nothing. You put the information on the tax return. Done hundreds of returns for people who have rental properties and companies with rental properties and I've never once seen HMRC ask for details of the mortgage.

 

[LlcoolJ]

yeah your right ... sorry. My friend was living in the flat, but then moved in with partner and let the flat [emoji106]

That's different as you have to tell the mortgage lender that you're renting it. Isn't usually an issue if you let them know though

 

[Uncle Spielberg]

I would be delighted to help

 

[Uncle Spielberg]

As will all the other NSC mortgage chaps who will feel miffed at being overlooked for the prospective business. They'll be all over this thread like a RASH

I am happy to assist but people are of course free to ask the advice of anyone in the field

 

[pearl]

That's different as you have to tell the mortgage lender that you're renting it. Isn't usually an issue if you let them know though

yep! They didn't tell the lender. They found out because of an insurance claim ... I think, but it got a bit messy