Q: Hi All,
I have heard about selling your home yourself on a buy to let mortgage or rent. Has anyone done this and if so, do you think it a good idea.
Thanks
guy
We looked at doing it 6 years ago but I bottled it just before exchange with the thought of all that personal debt and the possibility I could loose BOTH homes if it all went wrong!
a let to buy tho, is fairly popular now, theres at least 3 people a day here asking about them! I didnt think it owuld be classed as "selling it to yourself"
We looked at doing it 6 years ago but I bottled it just before exchange with the thought of all that personal debt and the possibility I could loose BOTH homes if it all went wrong!
This is perfectly feasible, but it's not so much "selling your house to yourself", rather you remortgage onto a Buy-To-Let product.
However, you will almost certainly need another address before applying for the remortgage, as you are not allowed to live in the property that is mortgaged under buy-to-let conditions.
This is for the simple reason that a buy-to-let mortgage is underwritten on the basis that you will have rent paying tenants, and to this end part of the underwriting process for a BTL mortgage is confirmation of your address post-completion.
Vas
I also expect that if you sold it to yourself, youd have to pay more than what you paid for it in the first place
and a BTL mortgage usually needs the landlord ( ie you) to ensure that your tenant ( ie you) pays 125% of the mortgage on the property.
Surely this is a wind up or someone is having you on