My wife and I have just had our first child and, having previously thought we could make do in our 2 bed flat, we were obviously being a bit optimistic (I work from home so room 2 is an office).
We would like to hang on to the flat as an investment, as it's a great little place in a great location. Our mortgage until May 2014 is just 1.99% fixed, having benefited from the Bristol & West fallout. The flat is valued at £150,000, we have about £30,000 equity in it. Or mortgage is about £500p/m. Advice from local letting agents suggests we could get £750 to £800p/m if we let it out.
Obviously we'd be keen to stay on the current mortgage if we can, and profit from the letting. Unfortunately, we're with First Direct, who I understand are very tight with their consent to let policy. Can anyone offer any advice before I phone them? Anything I should say to them to try and persuade them?
We would like to hang on to the flat as an investment, as it's a great little place in a great location. Our mortgage until May 2014 is just 1.99% fixed, having benefited from the Bristol & West fallout. The flat is valued at £150,000, we have about £30,000 equity in it. Or mortgage is about £500p/m. Advice from local letting agents suggests we could get £750 to £800p/m if we let it out.
Obviously we'd be keen to stay on the current mortgage if we can, and profit from the letting. Unfortunately, we're with First Direct, who I understand are very tight with their consent to let policy. Can anyone offer any advice before I phone them? Anything I should say to them to try and persuade them?