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    • user758
    • By user758 16th Mar 17, 10:46 AM
    • 4Posts
    • 1Thanks
    user758
    Consent to let - Nationwide or HSBC?
    • #1
    • 16th Mar 17, 10:46 AM
    Consent to let - Nationwide or HSBC? 16th Mar 17 at 10:46 AM
    Clue is in the title - does anyone have any experience with gaining consent to let with the above providers? I need to re-mortgage but am then hoping to move in with my boyfriend a few months later. I've narrowed it down to two deals - Nationwide tracker or HSBC fixed both for 2 years.

    I've had my house for 5 years and have always overpaid, LTV is 40%, mortgage payments are likely to be 400-550 (depending on the term, if I'm more likely to get consent with a lower monthly payment I'll do that) and rent would be £900-£1000 so no problem with affordability.
    Just timing....

    Thanking yous.
Page 1
    • SRH
    • By SRH 16th Mar 17, 11:01 AM
    • 131 Posts
    • 72 Thanks
    SRH
    • #2
    • 16th Mar 17, 11:01 AM
    • #2
    • 16th Mar 17, 11:01 AM
    Following. In a similar position myself (posted earlier). I'm currently with Nationwide and they have refused consent on the grounds that as a building society they don't provide buy-to-let mortgages
    • liviboy
    • By liviboy 16th Mar 17, 11:17 AM
    • 365 Posts
    • 128 Thanks
    liviboy
    • #3
    • 16th Mar 17, 11:17 AM
    • #3
    • 16th Mar 17, 11:17 AM
    Following. In a similar position myself (posted earlier). I'm currently with Nationwide and they have refused consent on the grounds that as a building society they don't provide buy-to-let mortgages
    Originally posted by SRH
    Funny - Nationwide run an entire business dedicated to buy-to-let:
    http://www.themortgageworks.co.uk

    The website also seems to show they do indeed offer consent to let (but they do not provide BTL mortgages branded as Nationwide).
    http://www.nationwide.co.uk/support/support-articles/manage-your-account/letting-your-property/letting-your-property-overview

    If they want to refuse you permission/consent to let on a normal mortgage then that's one thing but they shouldn't be fobbing you off with a nonsense reason when they run an entire separate business for BTL landlords.
    • strawberries1
    • By strawberries1 16th Mar 17, 3:32 PM
    • 666 Posts
    • 140 Thanks
    strawberries1
    • #4
    • 16th Mar 17, 3:32 PM
    • #4
    • 16th Mar 17, 3:32 PM
    That's odd. This thread says otherwise.
    • kingstreet
    • By kingstreet 16th Mar 17, 4:13 PM
    • 32,390 Posts
    • 17,392 Thanks
    kingstreet
    • #5
    • 16th Mar 17, 4:13 PM
    • #5
    • 16th Mar 17, 4:13 PM
    Lender attitude to CTL is often formed from the tone of the phone call which precedes it.

    "I'm having to work elsewhere in the UK for a while and need CTL for a short period" will probably see you successful.

    "I'm buying another property and want to keep my current house as an investment" will probably told you to remortgage onto a formal BTL product as they are not in the business of providing BTL mortgages to investors at residential rates.

    That's usually the Halifax response from what clients have told me.

    Nationwide has a separate off-balance sheet subsidiary for BTL business, The Mortgage Works where the rates and maximum loan to value reflect the increased risk of non-owner occupation business.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • Thrugelmir
    • By Thrugelmir 16th Mar 17, 5:55 PM
    • 56,239 Posts
    • 49,610 Thanks
    Thrugelmir
    • #6
    • 16th Mar 17, 5:55 PM
    • #6
    • 16th Mar 17, 5:55 PM
    I need to re-mortgage but am then hoping to move in with my boyfriend a few months later.
    Originally posted by user758
    Minimum of 6 months with the new lender and possibly good justification will be required.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • glosoli
    • By glosoli 16th Mar 17, 6:54 PM
    • 675 Posts
    • 388 Thanks
    glosoli
    • #7
    • 16th Mar 17, 6:54 PM
    • #7
    • 16th Mar 17, 6:54 PM
    Why don't you just re-mortgage on a buy to let basis to begin with? You will inevitably have to switch it onto a buy to let at some point anyway.
    • user758
    • By user758 16th Mar 17, 7:30 PM
    • 4 Posts
    • 1 Thanks
    user758
    • #8
    • 16th Mar 17, 7:30 PM
    • #8
    • 16th Mar 17, 7:30 PM
    I'm not sure if that implies that moving in with a partner isn't a good and justifiable story. I don't want to get a BTL straight off because I need to remortgage soon but we're planning to move together later in the year. And if it doesn't work out I could take advantage of a break clause from letting. I feel like it is exactly what consent to let is designed for?
    • pascal22p
    • By pascal22p 16th Mar 17, 10:18 PM
    • 27 Posts
    • 13 Thanks
    pascal22p
    • #9
    • 16th Mar 17, 10:18 PM
    • #9
    • 16th Mar 17, 10:18 PM
    HSBC is 1 year only. It is possible to ask for 1 more year but not more.
    • owitemisermusa
    • By owitemisermusa 17th Mar 17, 1:17 AM
    • 934 Posts
    • 278 Thanks
    owitemisermusa
    Clue is in the title - does anyone have any experience with gaining consent to let with the above providers? I need to re-mortgage but am then hoping to move in with my boyfriend a few months later. I've narrowed it down to two deals - Nationwide tracker or HSBC fixed both for 2 years.

    I've had my house for 5 years and have always overpaid, LTV is 40%, mortgage payments are likely to be 400-550 (depending on the term, if I'm more likely to get consent with a lower monthly payment I'll do that) and rent would be £900-£1000 so no problem with affordability.
    Just timing....

    Thanking yous.
    Originally posted by user758
    Having just remortgaged from HSBC I have first hand experience:

    HSBC were absolutely no hassle to get consent to let. No charges whatsoever, issued for the first year then let me be thereafter. I spoke to them several times and was never asked to renew it, simply stayed in place. Was on a CTL for 9 years and they were no trouble at all.


    HTH.
    Tough times never last longer than tough people.
    • owitemisermusa
    • By owitemisermusa 17th Mar 17, 1:18 AM
    • 934 Posts
    • 278 Thanks
    owitemisermusa
    HSBC is 1 year only. It is possible to ask for 1 more year but not more.
    Originally posted by pascal22p
    Unless things have changed, not accurate. See my post above.
    Tough times never last longer than tough people.
    • pascal22p
    • By pascal22p 17th Mar 17, 11:32 AM
    • 27 Posts
    • 13 Thanks
    pascal22p
    I talked to their mortgage adviser may last year about it. They only gave me a one year consent to let. Then you have to ask again and have been told I won't get more than 2 years. I confirm the no charges and no change of interest.
    • strawberries1
    • By strawberries1 22nd Oct 17, 10:19 PM
    • 666 Posts
    • 140 Thanks
    strawberries1
    Following. In a similar position myself (posted earlier). I'm currently with Nationwide and they have refused consent on the grounds that as a building society they don't provide buy-to-let mortgages
    Originally posted by SRH
    SRH what did you do in the end?
    • csgohan4
    • By csgohan4 23rd Oct 17, 7:24 AM
    • 4,019 Posts
    • 2,499 Thanks
    csgohan4
    Having just remortgaged from HSBC I have first hand experience:

    HSBC were absolutely no hassle to get consent to let. No charges whatsoever, issued for the first year then let me be thereafter. I spoke to them several times and was never asked to renew it, simply stayed in place. Was on a CTL for 9 years and they were no trouble at all.


    HTH.
    Originally posted by owitemisermusa


    Really depends on the circumstances tbh, if your military or work in an oil rig e.t.c


    Your work and circumstances will be different to OP
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • MonkeyDr
    • By MonkeyDr 23rd Oct 17, 10:20 AM
    • 124 Posts
    • 160 Thanks
    MonkeyDr
    I had CTL from HSBC in 2013. No hassle at all, although they did insist on doing it all quite last minute.

    I did it as was moving into partner's flat. They seemed quite happy with that explanation.

    CTL was for 1 year, and after that I didn't try to extend it, but switched to BTL anyway as wanted to increase my LTV to help buy new place together with partner (did have to pay a small amount of ERC as was in a 2 yr fix).
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