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philmycoke

Residental mortgage and NOW need to LET

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Hi friends.

 

 

I bought a 4 bedroom house many moons ago as I was due to get married.

 

 

With few personal tragedies I was unable to and now the house is too big and expensive for me.

 

 

As I have residential mortgage and with bad credit rating I can not and will not get good commercial or buy to let mortgage.

 

 

What I want is and was told I need permission from the mortgage company which is Birmingham Midshsires to let it out.

 

 

I have 3 months of arrears and arrangement in place.

 

 

What I really want is for 1 or 2 year renting permission so I can save the house and not have to sell it.

 

 

I do not want to let it out and go though legal issues.

 

 

Please advise on how I can ask, convince the mortgage company to give me permission.

 

 

Ali

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Ask BM for 2 yr permission to Let with a residential mortgage or sell the property and pay off the mortgage if poss.

 

 

You are not in a good place to be contemplating a Lettings 'business'.

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I do not wish to do business at all.

 

what i wish to do is let it out just for 1 year. which will help me clear the arrears and allow me to study IT without working. Work has dried up as Uber driver.

 

I need new car this and that. Everything has come to a head right now. That is all.

 

Can you or someone help me word the letter or phone conversation?

 

Ali

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We could do with some help from you.

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OP, you can rent to a lodger in your own home (provided you remain in perm occupation) and obtain max ~£7500 pa tax free (if you request it on your Annual Tax Return each year).

You will need to use a Lodger Agreement, not an AST.

Google Rent-a-room Scheme

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OP, you can rent to a lodger in your own home (provided you remain in perm occupation) and obtain max ~£7500 pa tax free (if you request it on your Annual Tax Return each year).

You will need to use a Lodger Agreement, not an AST.

Google Rent-a-room Scheme

 

I was also going to suggest that marnier..as the OP does not confirm what his alternative living would be.

 

Andy


We could do with some help from you.

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I cannot give any advice by PM - If you provide a link to your Thread then I will be happy to offer advice there.

I advise to the best of my ability, but I am not a qualified professional, benefits lawyer nor Welfare Rights Adviser.

Please Donate button to the Consumer Action Group

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What is AST and i do need to speak with my mortgage company. i want there premssion as i want to rent out the whole house for about 2 years max. 1 year for sure.

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What is AST and i do need to speak with my mortgage company. i want there premssion as i want to rent out the whole house for about 2 years max. 1 year for sure.

 

There's a forum stikky with the lettings/freehold abbreviations.

 

HB


Illegitimi non carborundum

 

 

 

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We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

If you want advice on your thread please PM me a link to your thread

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Join RLA/NLA t al for some LL training before you decide to Let.

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there are a lot of things to consider before you let the house, what are you going to do a regarding your own accommodation, what will you do if the tenant turns out to be a wrong un, what is the local letting value and is this enough to pay the mortgage and provide an income?

 

What about all of the landlord necessities such as gas safety cert, deposit scheme etc? What about after a year or two, what are you going to do with the property, return to it or sell it? If the latter, what equity do you have to make the cost of selling and buying elsewhere possible?

 

As suggested, getting a lodger is a far easier option, event though the income will be less you wont have any problems associated with letting the house on a AST and no tax or insurance worries either.

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i think if i am helped with forumulating a letter to the lender is the best.

 

i was going to sell the house but now with housing crash and the crash thats coming i am going to lose out. my mortgage is £600pm. Rent is close to £1800pm. So i win by renting it and clearing my arrears.

 

i will do all is nesseary as for certs and insruance after talking with the council i aim to give to one of the orgs.

 

first issue is how to write or what to write to birmingham midshires.

 

Ali

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If you're going to be a LL, surely you can write a simple letter to Lender asking for permission to Let the Property?

They may switch you to a more expensive B2L mortgage or grant permission for a limited period.

We don't have an magic letters though someone may offer advice on your attempt if you provide it first.

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