Consent to Let- 'Second' property Mortgage -

[Uddin]

Hi Guy,

Need some advise, I bought a property recently in a well sought after area in Portsmouth, everything was going well for the last few months unit next door was sold to an investor you have converted the house into a HMO. It has 5 tenants who are proving to be a nightmare, Constant loud music, shouting etc. Im looking at selling the house but because it has a HMO next door this will cause an issue when it comes to price, a friend of mine suggested getting Consent to let and letting the house out as its in a popular area.

I am looking for another house but what can I do in terms of Mortgage ? The first house has an residential mortgage, if I get a Consent to Let on this, the next house what will the mortgage be classified under ?

I cant afford 25% deposit on the ‘second’ one, what are my options to get me out of this mess.

Can I get a Consent to Let on the first one and then get another residential mortgage (10-15% deposit) for the ‘second’ house until I sell the first one?

Thank you in advance.

Shah

[Condi]

You'll have to speak to your lender, some will charge extra interest for properties let out.

If you buy a second home then you'll pay extra 3% stamp duty.

[Sir Bagalot]

So you buy your new home. You're happy.

House next door comes up for sale and a LL buys it and turns it into a HMO.... what now?

[James_B]

Sir Bagalot said:

So you buy your new home. You're happy.

House next door comes up for sale and a LL buys it and turns it into a HMO.... what now?

Same again, or take the hit and move out losing money.

Given how rare it is, though, why would anyone possibly factor this in to the decision beforehand?

[Deesee]

Talk to the council, make sure its licensed as a HMO, if not get them to take action, or remove licence from the landlord.