Mortgaged home now too small, cant sell

Dean

New Member
Jun 16, 2012
2
0
0
HI All, can anyone offer some advice. My wife and I bought a house many years ago, we now have two children and our house is too small, (also our Youngest needs medical attention) which means we need a bigger house and one that caters for our youongest. We cannot sell or remortgage, so we have rented out our house and are now living in a rented home ourselfs. we need to inform the mortage company: are they likely to let us rent out our home, last time we asked we had to pay back one thrid of the mortageg and have savings, (if we had this we would sell up and buy elsewhere). If they say No, is there any legal loop hole. I have heard that due to the Economic climate a lot of people are having to do the same and some Mortage providers allow this. (it may be important to note that there is NO profit being made by renting out.

Any help[ would be appreciated, Thanks
 

wentworthfs

New Member
Oct 10, 2012
11
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0
Who is your lender. Alot of the lenders in the UK will grant you permission to lease (let) the property, you may be charged a fee for this service and it is reviewed regularly say every 2 years ( a fee charged each time). What is your mortgage borrowing against the properties value, it maybe a better solution to opt for a BTL mortgage, but you did say you could not remortgage?

www wentworthfs co uk /mortgages