We live in a small two bedroom house with two children already and I have now found out I am pregnant again.
I rang the mortgage and asked about switching to a buy to let mortgage so we could let our house and rent instead . They made it sound really easy.
The paperwork came and it turns out we don’t fit about three of the criteria for a buy to let mortgage.
Now I don’t know what to do. It looks like its going to be impossible to get a buy to let mortgage.
Our credit it bad so switching to another provider is probably not an option either.
We now seem to be left with three bad options
- Let out the house without the mortgages consent but I am worried that a landlord insurance company might inform them or insurance would not pay out in the event of a claim.
- We sell the house at a big loss as there is no money left in it then have to pay off the rest of any debts secured against the house or
- Live in a very small house with either 3 kids sharing a small room or a child in the room with us.
We really are stuck at the moment as all options seem risky and stupid.
Any help or any other options would be greatly appreciated!