Permission to Let

Having come here via a google search i have read a few similar threads, but none from within the last 6 months.

My situation is that i own a property that i rent out. This is on a residential mortgage without permission to let and have been on standard variable for the last year. I want to go onto a fixed deal but may struggle!

Having renovated (original plan to sell on but bigger things ruined my millionaire property developer dreams!) i think i can easily expect 75% LTV

Do i bite the bullet and get a buy to let? Do i try to get a residential mortgage and then get permission to let? (Fraud :confused: ...when it is my only property and can afford it comfortably it - ie. not one of a portfolio)

I have found a 5year residential deal with Northern Rock that seems quite attractive for the rates and flexibility.

Anyone have any recent experience with Permission to Let with Northern Rock?

Help!! Having tried to tackle this a couple of months ago i wimped out and now the rates have started rising

Thank you


  • anniecaveanniecave Forumite
    2.4K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    doesn't permission to let apply when you take out a owner/occupier mortgage and live there for a while but then you want to rent it out whilst the existing mortgage is still going

    If you are no longer living there (and it is already let) then unless you move back in there pronto I can only see you getting a buy to let mortgage.
    Indecision is the key to flexibility :)
  • nrsqlnrsql Forumite
    1.9K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    Think it will have to be a btl mortgage.
    You should be making quite a lot of profit through being on the svr at the moment - useful for the several hundred pounds of fees that the new mortgage will probably need.
  • starnacstarnac Forumite
    5.5K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    hi we had a residential mortgage with NR. When we moved we decided not to sell our house and let it out instead. NR agreed to us letting it on a residential mortgage (for quite hefty fees) but told us that as soon as our fixed rate ended we would need to find a btl mortgage as they were unwilling for us to let it out on a residential mortgage.
    Our situation was different to yours but I hope it helps a bit
    Savings £200
    Overpayments made £0/£1208.15
This discussion has been closed.
Latest MSE News and Guides

Bacon flavoured toothpaste

Can you help this Forumite track some down?

Join the Forum discussion

£10 Christmas bonus

For benefits recipients

MSE News