Re-mortgage with Consent to Let.

ALTech

My 2 Year fixed mortgage with Northern Rock has ended and i'm now on their SVR. I'm in the armed forces and i'm currently serving overseas. I got consent to let from Northern Rock about 6 months into the fixed term due to my posting overseas. I want to change my mortgage to a better deal which will mean changing providers, as northern rock won't offer anyone another deal.
Are there any mortgage providers that offer a residential mortgage with consent to let or would i have to go on to a Buy To Let mortgage?

My friend seems to think that some of the bigger mortgage providers do these sort of deals for members of the armed forces but i have no idea which ones?

I expect to be overseas for another 2 or 3 years before returning to my house.

Any ideas??

herbiesjp

There are a handful of lenders that will offer you a standard residential deal, due to your circumstances. The fact you are returning fairly soon will help as well.

Which ones could help, will depend on the exact details, i.e. figures involved

Have you spoken to a broker about your situation?

Where are you posted?

herbiesjp

pippaw wrote: »

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ALTech

I spoke to an advisor a couple of months back who said that i'd probably need to go onto a Buy To Let. He gave me some quotes for some Buy to Let deals but advised me to stay put for now as non of them would save me money due to the high arrangement fees. He didn't seem to know anything about any lenders who would give me a residential mortgage due my situation.

I'm currently in Gibraltar and will be moving to Germany early April/May next year.

herbiesjp

Hmmm

There are definitely lenders that will offer you residential rates. Some of these will also have high arrangement fees, but you can find others with more reasonable fees, and rates lower than BTL deals.

I'd say to speak to someone with a little more experience in this field, as it could save you money in the long run rather than staying on NRs SVR or moving onto a BTL deal which would not be the first option to look at.