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, so whether you're thinking to rent out your property to provide a second income, or to boost 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.
Overall cost for comparison
For example: A mortgage of £85,044 payable over 21 years at 6.99% would require 253 instalments of £659.48 plus a redemption administration fee of £110.00.
The total amount payable would be £166,958.64 made up of the loan amount (£85,044) plus interest on the loan (£77,735.16), arrangement fee (£2126.10) plus interest on this fee (£1943.38) and the redemption administration fee (£110.00).
The overall cost for comparison is 7.6% APRC representative..
The actual rate available will depend upon your circumstances. Ask us for a personalised illustration.