Surely I am not the only landlord worried about new EPC requirements?9:44 AM, 17th February 2021
About 2 weeks ago 126
I am 24 years old and have owned my own home for a little over a year now. This house is on a repayment mortgage.
I have the opportunity to purchase a second house from my father in law which already has a tenant in.
My plan was to borrow approx 30k on my current mortgage for ‘”home improvements” and then use this as the deposit on this second home.
After phoning many banks they want a 70% LTV. The house I wish to buy is approx 200k.
This therefore means I can’t get a buy to let mortgage
Am I breaking the law by trying to obtain an ordinary repayment mortgage and then letting this out to the existing tenant as I see this as my only option ?
My plan long term is to rent the house on a repayment mortgage and then the rent would cover my monthly cost. if it fell short I would simply top it up to cover my fees.
I would have the correct buy to let insurance policies but would the mortgage lender be able to find out I am renting the property out?
Any help would be greatly appreciated with someone who has been in this position and now overcome it!
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