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Q&A » Renting your home
I am struggling to pay my mortgage so I tried to sell and found not enough equity to cover expenses. Decided to rent but Halifax told me I would have to change from my variable rate to one of their 3 rates which all have penalties and huge increase in my mortgage from £600 to £1000! any advice please
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879They seem to have decided that you need to switch to a 'Buy to Let' mortgage because you would no longer be living there.
BTL mortgages are more expensive because they are deemed to be more risky for the provider.
There are other alternatives such as the 'Rent a Room' scheme.
Mike
Posted on 03 October 2012 |
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0Hello Mike,
Thanks for your reply
Rent a Room scheme? I've never heard of that. Is this something I can do without having to go through the Halifax.
Thank you for giving me another option to consider I will try to find some information about this.
Alana
Posted on 04 October 2012 | Love 0 loves
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879Provided that you are still living there the Halifax should be ok.
http://www.hmrc.gov.uk/individuals/tmarent-a-room-scheme.shtml
Mike
Posted on 04 October 2012 | Love 0 loves
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