Inherited a property? Moving in with a partner? Relocating at short notice?
Renting out your property could prove lucrative so we understand why becoming an accidental landlord is sometimes an appealing option. This could mean you need to remortgage before renting out your property – perhaps because your existing mortgage provider doesn't do buy-to-let mortgages, or because you need to complete renovations.
Anyone can be a landlord these days, thinking about renting out your property to provide a second income, or boosting your pension pot further down the line, we may be able to help.
Our common-sense approach means we can also consider applications that some other lenders sometimes struggle with, such as if you already have a mortgage on the property, you're self-employed, work several jobs, or have already retired or if you’ve got less-than-perfect credit history.
Overall cost for comparison
For example: A mortgage of £170,020 payable over 21 years, initially on a fixed rate for 5 years at 6.99% (and then on a rate for the remaining 15 years at 1.8% above the Together Homeowner Managed Rate (THMR)) would require 60 instalments of £1,230.72 followed by 192 monthly payments of £1,363.34 plus a redemption administration fee of £110.00.
The total amount payable would be £341,307.68 made up of the loan amount (£170,020) plus interest on the loan (£163,055.14), arrangement fee (£4,251.00) plus interest on this fee (£3,871.54) and the redemption administration fee (£110.00).
The overall cost for comparison is 7.8% APRC representative..
The actual rate available will depend upon your circumstances. Ask us for a personalised illustration.