Renting out UK property on existing mortgage?
May 19th 2008, 6:42 pm
#16
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May 19th 2008, 6:48 pm
#17
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Re: Renting out UK property on existing mortgage?
Maybe, but they probably realised that if I'd had to change to a different product then I'd probably have gone elsewhere. This was a few years back, so the market was quite different then. They're probably going to be a bit more cautious now.
May 19th 2008, 7:12 pm
#18
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Re: Renting out UK property on existing mortgage?
I guess a trip to the bank manager is in order....
May 19th 2008, 8:06 pm
#19
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Re: Renting out UK property on existing mortgage?
With the housing market as it is, starting to face the fact that we may have to rent out our UK house till the market settles down.
We don't own enough equity in our house to convert to a buy to let mortgage, so we would have to get the bank (HSBC) to agree to let us rent out on our existing mortgage for a period of time - does anyone have any experience of doing this?
I've spoken to their call centre and they say it's down to the discretion of the lending branch, so I'll have to go in and see them
Also - other daft questions about renting :-
* What % do letting agents generally charge for acting as the landlord?
* If your property stands empty for a while, as well as the mortgage, are you liable for paying council tax and utilities (standing charges)?
* Are you more or less likely to get/maintain tenants with a furnished or unfurnished property?
Thanks.
We don't own enough equity in our house to convert to a buy to let mortgage, so we would have to get the bank (HSBC) to agree to let us rent out on our existing mortgage for a period of time - does anyone have any experience of doing this?
I've spoken to their call centre and they say it's down to the discretion of the lending branch, so I'll have to go in and see them
Also - other daft questions about renting :-
* What % do letting agents generally charge for acting as the landlord?
* If your property stands empty for a while, as well as the mortgage, are you liable for paying council tax and utilities (standing charges)?
* Are you more or less likely to get/maintain tenants with a furnished or unfurnished property?
Thanks.
Hi G77
we have spoke to 3 different renting agents and 2 of them quoted 10% charge and the 3rd quoted 8% !!! each will provide the full service, ie inventory, credit checks, video of home and such like.
However, each one of them gave a different price on the rent! £160 difference between the first agent and the last!!
the tenant is responsable for the utility bills, phone,tv licence, prop tax and so on and also they have to take out contents insurance. You would have to have your own buildings insurance in place too!
Speak to a good financial adviser who could possibly get you a better deal on a re-mortgage.
I can recommend a good friend if you want to PM me?? after all, it would only cost you a phone call?
You also have to get your central heating/gas cooker/gas fire etc certified, which could cost ££££, plus anything electrical from cookers to sockets certicertifiedell. Make sure your pipes to the boiler are "earthed".
Basically, you need to cover your arse in every sense of the word, because if a tenant can find a reason not to pay the rent - they will !!!!
hope this helps, if you need anymore info please pm...
Sue....
May 19th 2008, 8:09 pm
#20
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Re: Renting out UK property on existing mortgage?
ignore the spelling - ime on my third brandy!!!!
May 19th 2008, 9:03 pm
#21
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Re: Renting out UK property on existing mortgage?
I'm pretty sure electrical certification is optional, but gas is mandatory.
May 19th 2008, 9:07 pm
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Re: Renting out UK property on existing mortgage?
May 19th 2008, 9:14 pm
#23
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Re: Renting out UK property on existing mortgage?
I doubt anyone would want to touch us with a re-mortgage at the moment, we own less than 2%, so would need a 98% mortgage AND be able to let it out - that'd be a tall order at the moment....
May 19th 2008, 9:21 pm
#24
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Re: Renting out UK property on existing mortgage?
My broker, who was chirpy a few months ago is now describing the situation as grim.
May 19th 2008, 9:32 pm
#25
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Re: Renting out UK property on existing mortgage?
No worries. That's what these forums are for, isn't it?
Thinking back, we probably owned no more than 20% of the property at the time.
The other thing I forgot to mention is to be prepared to pay the mortgage for a number of months. For one reason or another, we haven't had any rent now for six months. We should be getting rent this month, thankfully.
Hope his helps;
--paj
The other thing I forgot to mention is to be prepared to pay the mortgage for a number of months. For one reason or another, we haven't had any rent now for six months. We should be getting rent this month, thankfully.
Hope his helps;
--paj
May 19th 2008, 10:05 pm
#26
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Re: Renting out UK property on existing mortgage?
With the housing market as it is, starting to face the fact that we may have to rent out our UK house till the market settles down.
We don't own enough equity in our house to convert to a buy to let mortgage, so we would have to get the bank (HSBC) to agree to let us rent out on our existing mortgage for a period of time - does anyone have any experience of doing this?I had to do this with my flat, fortunately they agreed and I didn't have to pay any fees or anything. (Not sure if that was the norm or just some forces discount offer thing)
I've spoken to their call centre and they say it's down to the discretion of the lending branch, so I'll have to go in and see them
Also - other daft questions about renting :-
* What % do letting agents generally charge for acting as the landlord? My agents charge 8% all in. It was 10% but they couldn't get the rent I was hoping for so they dropped their charges. Incidentally I don't pay tax on the rent but I do pay VAT on the Agents charges.
* If your property stands empty for a while, as well as the mortgage, are you liable for paying council tax and utilities (standing charges)?As someone else has said, council tax and utilities are the responsibility of the tenant unless it's empty in which case you pay the bill. I just got a bill for 5 days between tenants.
* Are you more or less likely to get/maintain tenants with a furnished or unfurnished property? Don't know, I guess it depends on your property and the market you are aiming at. My flat is fully furnished and I hace a young couple in there, my wifes house is semi furnished and has a divorced professional in it.
Thanks.
We don't own enough equity in our house to convert to a buy to let mortgage, so we would have to get the bank (HSBC) to agree to let us rent out on our existing mortgage for a period of time - does anyone have any experience of doing this?I had to do this with my flat, fortunately they agreed and I didn't have to pay any fees or anything. (Not sure if that was the norm or just some forces discount offer thing)
I've spoken to their call centre and they say it's down to the discretion of the lending branch, so I'll have to go in and see them
Also - other daft questions about renting :-
* What % do letting agents generally charge for acting as the landlord? My agents charge 8% all in. It was 10% but they couldn't get the rent I was hoping for so they dropped their charges. Incidentally I don't pay tax on the rent but I do pay VAT on the Agents charges.
* If your property stands empty for a while, as well as the mortgage, are you liable for paying council tax and utilities (standing charges)?As someone else has said, council tax and utilities are the responsibility of the tenant unless it's empty in which case you pay the bill. I just got a bill for 5 days between tenants.
* Are you more or less likely to get/maintain tenants with a furnished or unfurnished property? Don't know, I guess it depends on your property and the market you are aiming at. My flat is fully furnished and I hace a young couple in there, my wifes house is semi furnished and has a divorced professional in it.
Thanks.
May 19th 2008, 11:14 pm
#27
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Re: Renting out UK property on existing mortgage?
There seems quite a varioation in prices for letting agents.
The 20% I had been quoted was for a full management service, not just dealing with the letting process. So if there was a plumbing/electrical problem or some other maintenance issue, the tenants would call the letting agency not me and they would deal with getting the tradesmen in as needed.
Is any of that included in the prices others are quoting? If not, how would you manage that from another continent?
The 20% I had been quoted was for a full management service, not just dealing with the letting process. So if there was a plumbing/electrical problem or some other maintenance issue, the tenants would call the letting agency not me and they would deal with getting the tradesmen in as needed.
Is any of that included in the prices others are quoting? If not, how would you manage that from another continent?
May 19th 2008, 11:58 pm
#28
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Re: Renting out UK property on existing mortgage?
There seems quite a varioation in prices for letting agents.
The 20% I had been quoted was for a full management service, not just dealing with the letting process. So if there was a plumbing/electrical problem or some other maintenance issue, the tenants would call the letting agency not me and they would deal with getting the tradesmen in as needed.
Is any of that included in the prices others are quoting? If not, how would you manage that from another continent?
The 20% I had been quoted was for a full management service, not just dealing with the letting process. So if there was a plumbing/electrical problem or some other maintenance issue, the tenants would call the letting agency not me and they would deal with getting the tradesmen in as needed.
Is any of that included in the prices others are quoting? If not, how would you manage that from another continent?
May 20th 2008, 12:08 am
#29
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Re: Renting out UK property on existing mortgage?
May 20th 2008, 12:38 am
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