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Alliance & Leicester Consent to let
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buffy500
Posts: 11 Forumite
We're just about to go to A&L and ask them for consent to let on a property we've been living in for 6 years.
I was just wondering if anyone had any recent experience in what A&L are likely to say in response to us.
Our rental income wont actually cover the mortgage payments for this house, but we did take some equity out of it recently for debt consolidation, so in reality the short fall is only some of what we would have been paying for our loans.
Are they likely to make us change to a BTL mortgage or just give us consent ?
Will be calling them in the morning to ask, but was hoping for a bit of an idea as to what to except them to say.
I was just wondering if anyone had any recent experience in what A&L are likely to say in response to us.
Our rental income wont actually cover the mortgage payments for this house, but we did take some equity out of it recently for debt consolidation, so in reality the short fall is only some of what we would have been paying for our loans.
Are they likely to make us change to a BTL mortgage or just give us consent ?
Will be calling them in the morning to ask, but was hoping for a bit of an idea as to what to except them to say.
0
Comments
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it should tell you in the terms and conditions booklet that you were issued with when you took the mortgage out. The vast majority of lenders will send you a form to complete, ask for a copy of the type of tenancy agreement you are to use and a cheque, the amount varies. They would then either consent or not to the let but provided it's not to students, dss, asylum seekers etc it's not usual that they deline to consent.Happily an ex mortgage broker!0
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A client of mine got consent for their property back in January with A&L - they were on a new residential deal. The consent lasts for a year.
Have not heard of A&L changing this yetI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I converted my three year mortgage to a consent to let with Alliance and Leicester this year. It was a simple phone call to the mortgage customer service line and a charge of £100 which they added to the mortgage. Easy!0
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