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    Thread: Anyone renting out their house back in the UK?


    1. #1

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      Unhappy Anyone renting out their house back in the UK?

      Hi all

      We're due to be coming out this Summer for a couple of years - can't wait.

      We want to rent out our UK house in the meantime because we don't know what our long term plans will be.

      We're on a terrible fixed rate with the Halifax at the mo (5.19%) which is due to end in September, while we'll be in Adelaide (all being well).

      At which point, our mortgage would normally drop to 3.5%. Ker-ching we say! But wait...... Because interest rates have dropped through the floor recently, Halifax have sniffed out that they can grab some cash from this and are insisting we would need to take a "consent to lease product" at..... 5.69% ! That's higher than the rate we pay now!

      We really don't want to rent our UK house without the lender's permission, but we don't like being ripped off either - when interest rates were higher they just charged 1.5% above your normal rate for consent to lease. Now the rates are low, all of a sudden consent to lease "products" are compulsory - almost like a buy-to-let mortgage.

      I just hate the way banks/mortgage companies sniff out that you might "do well" from the low interest rates, and put a stop to it.

      Anyhoot - has anyone get any recent experience of this? Anyone recently rented their house in the UK and got consent to lease on better terms?

      Our only other option is to move mortgages in September whilst we're in Oz - can't be easy.... Anyone done that either?

      Or move mortgage provider a month or two early (and pay Halifax's 1,080 early penalty fee).

      I don't have a lot of love for the Halifax right now...

      So - any tales of similar experiences would be greatly appreciated. Many thanks!

      Can't wait to join you!

      RTL

    2. #2

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      just take out landlord insurance and say nothing to the bank . they re always on the make.i have a house rented for the past 4 years.

    3. #3

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      I've been renting mine out for 5 years and its still a residential mortgage, never said it was being rented. As the above post states make sure you have landlords insurance AND Gas and Electricity certificates.

      My rate is 3.79% and they will not fix it again as there's not enough equity in the place. I recognise how stressful it must be for you but dont let summat like that put you off. So long as you can afford to pay it you should be golden but make sure you have a good letting agent too.

      I am emigrating in a few months and one of my main worries is about how to renew a mortgage from over there.

      Good luck

    4. #4

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      Hey guys............

      Sorry I'm being a bit of a boring moderator here.............:GEEK:


      Any post in PIA is viewable by visitors and cached in all search engines.

      Be careful what you say in full public view,it can come back and bite you in the bum.

      (it has done for some folk a few times!)

      <boring public service announcement over>
      sueoc likes this.

    5. #5

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      HI

      we've just gone through similar situation...we are returning to OZ, I phoned mortgage company and said about renting the house out, they would instantly add a further 1% to monthly payment, couldn't believe it....years and years ago I had a friend who travelled for 3 years and she was able to rent out her house with no problems and the mortgage company knew,, but obviously things have changed...

      We are luck though, after finding this out we put the house on the market last week and accepted an offer yesterday...very very lucky in todays climate...

      My word of advise would be ,,,,very very careful, I was told that if they find out that you have retnted out and not told them and they find out then your mortgage is at risk, I didn't go into details, but the advise I was given was don't take the chance....so not taking the chance.....

      Good luck...

      Wend & gang
      Guest75 likes this.

    6. #6

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      we rented our out when we came last year and our bank (HSBC) didnt charge us anytghing - we just filled in a form and they gave us their consent. We are currently paying 1.49 % variable but the whole experience has been a bit of a nightmare and added huge stress to a very stressfull time coming to Australia - and has proved very expensive too! Yesterday I told my agents to put it on the market for sale. Im worried about the interest rates going up and also I cant be doing with the stress anymore (just my experience though - heaps of people dont have any problems at all)
      sueoc likes this.

    7. #7
      martin495
      Hi, We tried to sale but couldnt get what we wanted for it so decided to rent it out, We have three seperate tenants who are girlfrinds and work together each are jointly liable, they are no problem. This provides a good income. The best thing to do is bring your uk credit card and pay your bill online so the money never leaves the uk. Just let your card company know your visiting oz.
      Onto the mortgage. We have an offset mortgage with barclays which tracks just above the base rate(lucky us) all I had to do was put in a permisssion to let form which cost 25 pounds by cheque, but never cashed. This is valid for up to two years, we never recieved an answer. so the tenants pay the rent,
      The rent pays the mortgage, insurance and credit card bills and everybodies happy.

      Hope this helps
      Martin

    8. #8

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      Thanks all.

      Tyke - not really sure if anything I said was going to get me into trouble? I mean, I openly said we didn't want to rent the house without permission..... Other than that there was a bit of an anti-Halifax rant I suppose......... They started it !! !! !! :o

      I've heard they can be quite harsh on people that don't declare they're renting (might be a horror story, but repossessions have been quoted) but at the very least they may ask you to instantly repay the mortgage (which means moving it....)

      It's good to know about the HSBC etc, I know the Halifax does (now) have a bad reputation for this sort of thing.

      Our plan is to approach some other lenders and be honest about our plans. We've been spotless in our repayments for 9+ years, and we're only looking at a 50% mortgage anyway! We'll have to do it all from Oz, but for now we're just going to research other lenders.

      Doing the right thing (in this case 'owning up') always costs more.

      Drives me mad - really.....

      Thanks again,

      RTL

    9. #9

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      We told our mortgage provider, and just had to fill in form. They didn't increase payments at all.
      Ryan T. Lion likes this.

    10. #10

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      Was that a while back? Which bank (if you don't mind me asking)?

      I can't believe the Halifax are making me "take a product" - stinks.

     

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