Been refused consent to let by Halifax

madeupname1

VIGILANT22 wrote: »

whether an estate agent would be prepared to market it at that is another story...

:rotfl:I find it highly unlikely that an estate agent would refuse to market an overpriced property - foxtons do it every day of the week!

Vincenzo

phlash wrote: »

They were told if they wanted to let the property from a residential mortgage, then the only way they could do it was to remortgage to the fixed residential, and when the time came that she wanted to move she would have to apply for consent. She was still living in the property when she remortgaged I believe, so residential is entirely correct.

She would not be able to mortgage elsewhere on a BTL basis, her LTV is not high enough. The only way she could do it is the way she is trying, unfortunately teh bank does not want to allow her, which is their right.

You may be right but I do not think this is clear cut.

With regard to the LTV/BTL issue, this is separate and the options for the OP have been greatly reduced by the advice received.

I expect specialist brokers would be able to source BTL mortgages with higher LTVs, alternatively the OP could have remortaged to another lender with less stringent conditions on consent (eg Nationwide, C&G etc).

VIGILANT22

madeupname1 wrote: »

:rotfl:I find it highly unlikely that an estate agent would refuse to market an overpriced property - foxtons do it every day of the week!

What's the point if it won't sell?

VIGILANT22

phlashConvert_the_mortgage_to_Interest_Only_(assuming_its_capital_repayment_at_the_moment),_and_use_the_excess_cash_per_month_to_pay_down_the_£22k_until_its_gone._At_which_point_convert_the_IO_mortgage_back_to_repayment.QUOTE wrote:

Halifax wont allow IO above 85%

phlash

VIGILANT22 wrote: »

phlashConvert_the_mortgage_to_Interest_Only_(assuming_its_capital_repayment_at_the_moment),_and_use_the_excess_cash_per_month_to_pay_down_the_£22k_until_its_gone._At_which_point_convert_the_IO_mortgage_back_to_repayment.QUOTE wrote:

Halifax wont allow IO above 85%

Yeh - but the mortgage would be at 75% in this scenario, as the loan will have reduced it.

VIGILANT22

cxld..................

phlash

VIGILANT22 wrote: »

so the mortgage is under 85% now?

Need to read post #123.

Lender has said to borrow £22k to reduce LTV to below 75% LTV as one option.

new_home_owner_3

Put it on with housesimple or housenetwork and they let you put your price on the property that you want to get, im sure you could use any traditional estate agent and they would market if for you, bottom linbe you only have to accept the offer if your happy with it

new_home_owner_3

emmajayne1982 wrote: »

Hi everyone,

Here is the update:
Consent to let refused based on the face that my move was not necessary (I completely disagree with this).

They provide me with 2 options:
1. Get out a loan for £22k to get the mortgage down to less than 75%
2. If I can provide evidence that the house is on the market i.e. a HIP and advert etc. Her exact words were 'particulars of sale' then they will re-consider...

The first option is not an option! The second, possibly, is there anything stopping me putting it on the market for what I bought it for?

the word here they may reconsider, does not mean anything definate and the way they have treated you in the past i would just leave it let the dust settle and then just let in anyway.

Do everything proper apart from getting consent and i think if you get good tenants who pay and you pay the rent and you pay the mortgage, you wont hear anything from it.

good luck, but i wouldnt start paying loans to get a bigger ltv. therre just trying to screw you over.

phlash

new_home_owner wrote: »

the word here they may reconsider, does not mean anything definate and the way they have treated you in the past i would just leave it let the dust settle and then just let in anyway.

Do everything proper apart from getting consent and i think if you get good tenants who pay and you pay the rent and you pay the mortgage, you wont hear anything from it.

good luck, but i wouldnt start paying loans to get a bigger ltv. therre just trying to screw you over.

For goodness sake, I will repost this for the third time, maybe you'll get lucky and understand the consequences when you skim over it for a third time. Your post above is now the most stupid post EVER, considering what you should know after having read the previous umpteen posts.

Third time lucky, this time please answer my query rather than avoiding it. :T

Re-post this:

"Consent. It is essential that you advise and obtain consent to let your property from your mortgage lender, existing insurer and head lessee (for leasehold properties). Failure to obtain written consent from these parties may render your insurance void in the event of a claim. Sadly there have been many instances where buildings claims have been totally rejected because the insurer and or mortgage lender was not advised the property was let."

Source: http://www.arla.co.uk/infosheets/list.aspx?id=3

A lot of people have got away with stuff in the past, agreed. But if her house burnt down, and she still owed the 90% mortgage (probably hundreds of thousands of pounds) where do you reasonably suggest that the OP would get this from to pay the bank back its money? Because, the insurance is invalid it will not pay out!!

Emmajayne - Listen to this guy, and fool be you."