In addition, the rent you get on it needs to be at least 125% the mortgage you pay. However, this will be possible only if the loan (ie what is left on your current mortgage) represents less than 75% of the current value of your home. However, if letting your house is a complete no-no in your lender’s view, you will probably have to switch to a buy-to-let mortgage. If it will, there may be a modest fee for its “consent to let”. What kinds of fees and taxes can we expect to pay? And would there be any implications if and when we come to sell the house?Ī The first thing you need to do is ask your mortgage lender whether it will give you permission to rent out your house. This is to ensure that we can stay on the property ladder. We can’t afford to buy in London, so we would like to rent out our house in Manchester to cover the mortgage. I have been offered a job in London and will be moving there in three months with my partner. We purchased the house in 2018 and the value has risen from £150,000 to £200,000. Q My partner and I currently own a property in Manchester.
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