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HSBC tracker and renting?

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nollag2006
nollag2006 Posts: 2,638 Forumite
in Mortgages & endowments
Hi all

I'm due to remortgage shortly and am considering the 3.99% tracker from HSBC

I may want to rent the property out at some point next year.

Is that permissable with this product?

Thanks

Comments

  • guli
    guli Posts: 185 Forumite
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    To be pithy, the answer is no.
  • Margin_Walker
    Margin_Walker Posts: 63 Forumite
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    Probably is the answer to that one. You will have to ask them to consent to a tennancy. Historically they will usually grant a tennancy for a maximum of one year under the condition that you will have an assured shorthold tennancy agreement in place. From memory its harder to do within the first six months of taking out the mortgage as it will automatically go to the underwriters to check the details. It is not always approved though so I wouldn't make too many plans...
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
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    nollag2006 wrote: »
    Hi all

    I'm due to remortgage shortly and am considering the 3.99% tracker from HSBC

    I may want to rent the property out at some point next year.

    Is that permissable with this product?

    Thanks

    You would need to contact HSBC to get consent to let. There are a few factors which could affect this.
    Would be worth contacting HSBC in the first instance to see what they say.
  • nollag2006
    nollag2006 Posts: 2,638 Forumite
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    Great - thanks for all this guys.

    Are there any charges related to obtaining this consent?
  • nollag2006
    nollag2006 Posts: 2,638 Forumite
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    Seperate question - will an EA check that I have such a consent before they take the property onto their books?
  • luckyfool
    luckyfool Posts: 1,683 Forumite
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    nollag2006 wrote: »
    Seperate question - will an EA check that I have such a consent before they take the property onto their books?

    Often . . . yes.
  • michaels
    michaels Posts: 28,146 Forumite
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    I'd get it in writing that they will allow this and that the policy will not change in the time time-scale you have in mind. HSBC have changed their interest rate policy to the detriment of their existing customers so I wouldn't put it past them to change this as well.
    I think....
  • Margin_Walker
    Margin_Walker Posts: 63 Forumite
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    nollag2006

    There's no charge at the moment for them consenting to a tennancy
  • TEDDYRUKSPIN
    TEDDYRUKSPIN Posts: 1,528 Forumite
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    Answer is 1 year maximum. Subject to specific conditions like mentioned above.

    In general terms, this mortgage should be converted to a buy-to-let mortgage after one year.
    Motto: 'If you don't ask, you don't get!!'

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  • silvercar
    silvercar Posts: 47,227 Ambassador
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    nollag2006 wrote: »
    Seperate question - will an EA check that I have such a consent before they take the property onto their books?

    Unlikely IMHO. You could say that you in the process of getting the consent to let. In fact, some estate agents are so woolly, you could say you don't have a mortgage; I bet half of them wouldn't shell out £3 to download the land registry details to find out.
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