Hi,
Bought and have lived in our family home for just over 7 years; now facing the prospect of having to rent it out or sell and move back with family.
Surprised that when I contacted my existing mortgage provider they told me that to rent I would have to transfer to a but-to-let mortgage. I don't really think by definition we are in a buy-to-let situation.
Conveniently for the provider the buy-to-let interest rate is double that of our existing mortgage when we look at the figures this potentially kills the whole idea of renting the property stone dead.
Is forcing everyone on to buy-to-let mortgages commonplace? Have any of you had a similar experience? Is there a way to achieve a lower interest rate that would make the rental figures work and enable us to keep our home for the future?
Any thoughts much appreciated.
Bought and have lived in our family home for just over 7 years; now facing the prospect of having to rent it out or sell and move back with family.
Surprised that when I contacted my existing mortgage provider they told me that to rent I would have to transfer to a but-to-let mortgage. I don't really think by definition we are in a buy-to-let situation.
Conveniently for the provider the buy-to-let interest rate is double that of our existing mortgage when we look at the figures this potentially kills the whole idea of renting the property stone dead.
Is forcing everyone on to buy-to-let mortgages commonplace? Have any of you had a similar experience? Is there a way to achieve a lower interest rate that would make the rental figures work and enable us to keep our home for the future?
Any thoughts much appreciated.