How do I get consent to let?

tbs624

ismene wrote: »

Thanks, everyone. At least I know others have or have not gained consent. I too would like to know what has happenend to anyone who has let without consent. I presume that as long as th mortgage is paid and nothing goes wrong no one really loses out - though of course there are risks.

Are you also considering failing to report your rental income to HMRC, failing to have proper LL insurances in place, or gas safety certificates, and failing to register any tenancy deposit? Have you considered that there is much cross-checking of databases?

The bottom line is that your property could be repossessed and your failure to seek CTL would mean that any T would not be afforded the full protection of the AST.

ismene

actually, i have every intention of getting my lender's consent to let and the correct insurance and filling out a correct tax return .......if i didn't i wouldn't have posted in the firts place!

rent_and_buy

ismene wrote: »

that was one of the reasons i chose my current lender, they let you stay on the same rate and will give you consent to let for a small fee of 199 pound.
- who is you current lender, rent_and _buy?

Post office and its in black and white in the terms and extra cost's, i shown silvercar before but he will still go on about them changing their terms, if they do change their terms they have to inform you.

Like i said ask them before you take out the mortgage and then there wont be any surprises, i asked and they said no problem.

And the good thing about having a low residential rate, you will be able to offer your property at a better rate than other btl landlords as they have to go on btl mortgages.

as for the tax i think its 22% which i wont mind paying ill be saving over 100 pounds a month from having such a low rate.

silvercar

Post office and its in black and white in the terms and extra cost's, i shown silvercar before but he will still go on about them changing their terms, if they do change their terms they have to inform you.

My lender undertakes to give 30 days notice of changes in terms and conditions. Last year an application for consent to let would be considered on an individual basis. This year it says, "Approval of the letting of your property will result in a £75 and the mortgage interest rate will be increased by 1% for the duration of the letting."

Just be aware that things can change and plan ahead.

socrates

rent_and_buy wrote: »

And the good thing about having a low residential rate, you will be able to offer your property at a better rate than other btl landlords as they have to go on btl mortgages.

How do you know that your 'low residential rate' probably 4% - 4.5% is lower than the BTL LL?

A lot of LL's will be on between 0.25% - 1.5% above base - which is half if not less than you or the OP or anyone else will get at the moment.

There will need to be a return to rates of around 3.5% - 4.00% before you are on an even keel - obviously rates will rise - but as always the shrewd LL's will be better placed than novices - getting onto a 'ship that has already sailed'

Once again you show your complete ignorance of the investment you are trying to advise people on.

Be it this name or Confused31 - you remain clueless!

rent_and_buy

silvercar wrote: »

My lender undertakes to give 30 days notice of changes in terms and conditions. Last year an application for consent to let would be considered on an individual basis. This year it says, "Approval of the letting of your property will result in a £75 and the mortgage interest rate will be increased by 1% for the duration of the letting."

Just be aware that things can change and plan ahead.

thats a shame, lucky your not looking to rent then isnt it.

rent_and_buy

socrates wrote: »

How do you know that your 'low residential rate' probably 4% - 4.5% is lower than the BTL LL?

A lot of LL's will be on between 0.25% - 1.5% above base - which is half if not less than you or the OP or anyone else will get at the moment.

There will need to be a return to rates of around 3.5% - 4.00% before you are on an even keel - obviously rates will rise - but as always the shrewd LL's will be better placed than novices - getting onto a 'ship that has already sailed'

Once again you show your complete ignorance of the investment you are trying to advise people on.

Be it this name or Confused31 - you remain clueless!

Well socrates tell me whats the best btl rate now?? best btl tracker base rate plus 2.75 % and thats with massive fees.:eek:

or you can get a fixed for 4.49% with massive fees for 2 years:eek:

we will soon see, just hope you have plenty of equity, rates will definately go up and i expect them to be well above 4% in the next 5 years.

Oh and tallking about ships sailing i can not believe the timing in getting my 5 year fixed within weeks, all the 5 year fixed deals have gone up;)

socrates

rent_and_buy wrote: »

Well socrates tell me whats the best btl rate now?? best btl tracker base rate plus 2.75 % and thats with massive fees.:eek:

or you can get a fixed for 4.49% with massive fees for 2 years:eek:

we will soon see, just hope you have plenty of equity, rates will definately go up and i expect them to be well above 4% in the next 5 years.

Oh and tallking about ships sailing i can not believe the timing in getting my 5 year fixed within weeks, all the 5 year fixed deals have gone up;)

As always your ignorance is apparent - read my point properly.

Existing LL's who bought 2, 5, 10 years ago are on the rates I quoted!

Secondly do not worry about my equity - I have told you - when you was Confused31- I bought a long time ago.

And finally it is the people trying to get into BTL NOW that the ship has sailed for - exactly because of the deals you are quoting it is not commercially viable

The five year fixes may have gone up - what has that got to do with BTL.

All you did was get a deal for a 5 year fix and put the excess £55 - £60k in a bank account but pay interest on it.

rent_and_buy

im paying 360 mortgage and im getting 100 pound interest after tax on my savings.

this as bought my mortgage down to 260 pound a month until i buy, but then my 360 pound will come out of the 650 pound i will be getting in rent.

Now im happy paying 260 a month for where i am now, if and when i decide to buy the 100 pound interest will go, but i still should clear well over 150 pound a month in profit after tax.

Ive never had so much money excess to save and ive already started topping my savings up, if i wait 12 months i will be much better off.

Infact ive worked out even if i dont move and just save this time next year i will have about 60,000 in savings, and if im right and interest rates do go up, and i find a savings account with rates near 6%, remember last time the best saving acount was 7.5%, i wont have to pay anything my savings will do all the work for me.;)

Like i say im just glad ive got the rate i have now, as i can see rates going up, i havent got anything to lose even if i dont buy another house, when rates do go up ill still be smiling, hey and i cant knock living where i am now for 260 pound a month.

rent_and_buy

socrates wrote: »

As always your ignorance is apparent .

we will see, you must be the only landlord that hasnt been greedy and added to his portfolio in the past 5 years, i think by the tone you take with everyone, and the amount of time spent on here, your are already in the !!!!!!.:rolleyes:

you might have to go out and get a proper job, instead of spending all your time on here, you are very boring, how does the wife and kids put up with you???