[greenchilli]

hi Just had a letting agent round with a view to renting our house out when we all finally get to NZ. He informed me that i would probably have to change my mortgage to a buy to let one, have others in the same situation done this ?
thanks
Lisa

[victoria24]

you should ask your current lender first if they consent to you letting it out. if they say yes (mention treating customers fairly) then that will suffice

[Joolzr]

We were given 'permission to let' on the condition that we were returning to the UK. Our is valid for 1 year initially, but we are hoping to extend it another year at least.

Our original permission was valid for 4 weeks, after which we were expected to reapply, and pay another 100 quid admin fee. We weren't told about this limit originally, which annoyed me- if they had refused us we would have needed more than 4 weeks to get a different mortgage. But after a 'discussion' which a supervisor they waived it.

Has anyone any experience of extending a permission to let? We're with Woolwich.

b.w

ulie

[gazza1000]

we have just got the OK from the Nationwide to rent our property for up to 3 years without having to change it to a buy to let mortgage
Anticipate we will end up selling up nex t year anyway once we have settled in Wellington
gazza1000

[Pip]

we're the same. we were given permission to let by Nationwide (free of charge) for up to three years. After a year of tenants we decided to sell in Jan 08, just when the property market crashed, so after 6 months of being on the market and buyers pulling out etc etc, we decided to rent it out again and were given a fresh permission to let by Nationwide. At no point has anyone said anything about a buy to let, in fact we've just renewed our fixed rate and they know perfectly well that we are living in NZ indefinitely!

[jasonelsa56]

Yep we have had the same positive response from the Nationwide and have just renewed on new deal with permission to let. No costs at all. I guess it will depend on your lender.

J

[cathgates]

We have no mortgage, and would seriously consider renting out the property if we could get a mortgage and use the capital to take to NZ with us to do with as we please in the same way as we will when we finally sell and get the cash, but my understanding is, that the bank would not let me use the money raised for any purpose?

Cath X