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Mortgage Lender have said no to consent to let

hannah_jane
hannah_jane Posts: 6 Forumite
in House buying, renting & selling
Hi,

I have 100% mortgage with advantage on my property. I have moved in with my partner to another property and I want to rent my property out. I have asked advantage for consent to let but they point blank said no. I do not have enough equity in the property to raise 25% deposit for a buy to let mortgage. (Currently have about 10% equity)

Does anybody know if there is anything I can do? Or if there are any BTL mortgages requiring a small deposit?

Thanks

Comments

  • poppysarah
    poppysarah Posts: 11,522 Forumite
    Sell the house.
  • Andrew_Thomas
    Andrew_Thomas Posts: 116 Forumite
    who is the lender?
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • puddy
    puddy Posts: 12,709 Forumite
    so are you saying you actually have a 90% mortgage,,, how do you know this?

    can you remortgage easily or are you tied in?

    worse case scenario, he moves in with you surely
  • silvercar
    silvercar Posts: 50,924 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Andrew_Thomas wrote: »
    who is the lender?

    Advantage.

    Not a lot you can do. How about your partner moving in with you. Or keeping a room in your home and getting a lodger AFAIK, the lodger would have far less rights than a tenant and you probably don't need consent to let. I expect that you would get less rent from a lodger as you would have the right to come and go as you please.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • hannah_jane
    hannah_jane Posts: 6 Forumite
    Thanks for all your replies. Mortgage is 100k, but property has been valued at 115k. it was 100% when i took the mortgage out.

    I am tied in for 2 years, but I would pay charges if I had another mortgage to go to if there was consent to let.

    House has been on the market but its not selling.
  • puddy
    puddy Posts: 12,709 Forumite
    who valued it at 115k?

    how much are the charges and what percentage intrest are you paying on this mortgage

    it may work out for you to change if you could get another mortgage

    or, lower the price if you have it up for sale, then its gone, no more mortgage to pay and you can live where you want
  • housebuyer_abc
    housebuyer_abc Posts: 296 Forumite
    hannah_jane wrote: »
    Thanks for all your replies. Mortgage is 100k, but property has been valued at 115k. it was 100% when i took the mortgage out.

    I am tied in for 2 years, but I would pay charges if I had another mortgage to go to if there was consent to let.

    House has been on the market but its not selling.

    Consent to lease usually only ever gets grabted when you have 85% LTV or better. Also the rent needs to be 125% of the mortagage payment
    The proof that some people really are opinionated and ignorant

    Originally Posted by naff123 viewpost.gif
    Long nosed Tory looking down upon everybody!
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