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Advice please :)

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  • Advice please :)

    Hi everyone,

    I hope everyone is ok. Just trying to get some advice on what is best to do? Wonder if anyone would be kind enough to pass on some of their wisdom.

    I bought a one bedroom Flat 2 years ago for £112,000 and gave a 5% deposit at a fixed rate of 6.9% for 5 years mortgage over 35 years. I know it was a very poor rate but at the time I had no choice really.

    My mortgage payments are £690 a month plus a maintenance charge of about £35 a month. I moved out a couple of months ago and now rent via the council for £648 per month and I have moved in with my brother so that I can save, hopefully about £1,000-£1,500 a month.

    Being a newbie to mortgages and the like I'm not sure what it would be best for me to do, now or at the end of the mortgage and just wondered what you guys would do in my position?


  • #2
    Re: Advice please

    Please consider this as purely information, it is not intended to be taken as advice of any kind
    You may find if you look at your Mortgage terms and conditions that if you rent the property out that you are obliged to inform your lender, Some Mortgage lenders will insist that in order for you to rent the property out that you complete a letting application for which they may charge you a fee. The lender may say that this application is valid for a specific amount of time. For example, 12 Months. At the end of this period you may need to go back to your lender to get your consent to let renewed, whcih again there may be another fee for

    If you intend to let the property out on a long term basis then you Mortgage lender might suggest that you will need to move from your residential mortgage and onto a Buy to Let Mortgage. Buy to Let Mortgages tend to be higher rates due to the fact that they are not residential, they are a business propostion.

    You may find that your ltv is a problem when shopping around for buy to let Mortgages so tread carefully

    Good luck
    Best wishes

    Sean Hughes

    Independent Financial Adviser