Been refused consent to let by Halifax

silvercar

VIGILANT22 wrote: »

... and many lenders will try to repossess the property if they find out that this has happened

Please tell us of any case where a borrower has let to tenants without consent on a residential mortgage and has kept up with their mortgage payments and the lender has repossessed.

I have not heard of a single case.

VIGILANT22

silvercar wrote: »

Please tell us of any case where a borrower has let to tenants without consent on a residential mortgage and has kept up with their mortgage payments and the lender has repossessed.

I have not heard of a single case.

Any why would YOU hear?

It is hardly something people share down the pub, at work etc!! Do you work in the industry???

The below is from Shelter's website, I am sure they would be happy to talk to you if you give them a ring and tell them you're questioning this as
"I have not heard of a single case"........:)


http://england.shelter.org.uk/get_ad...ndlords_lender

Can people with mortgages legally grant a tenancy?

Yes, but only if their mortgage deed says it is allowed and/or they have their lender's permission. Most mortgage agreements do not allow tenancies to be granted without permission, and many lenders will try to repossess the property if they find out that this has happened

new_home_owner_3

Its only the last 2 years btl mortgages have had massive fees and 25% ltv has came in. ive got a residential mortgage with consent to let and ive got about 4 years to run on it.

My payments would have been over 100 pound a month more if i would have had the 1 percent added.

now that over 12 months works out to about 4.5 months of my mortgage payments, and gives me a chance to bank that and keep for if i have none paying tenants.

I think the banks are just being far to greedy and if you want to get into the btl market now they are making it very hard, hopefully it will go back to how it was, maybe its down to all these amateur btl landlords.

phlash

new_home_owner wrote: »

I personally would just rent it anyway the chances of them repossessing are very low as long as you keep up the payments, i know loads of people who do it, vigilante is just being a goody two shoes, just make sure you get the right insurances and certificates for your gas appliances.

I rent my house and i did get permission, but i have never been asked by a tenant to see permission, its just another rip off for people to make money, you have estate agents bleating on here about make sure your landlord has permission, there just trying to drum up business for letting agents.

If it was me i would take the chance, but then again i dont mind taking risks and bending things slightly to suit myself, the probability is you will only get screwed if your tenants dont pay you rent, and if they dont pay you rent, they can be thrown out imediately by the mortgage supplier, because you never got permission then thats great, you get the tenants out really quick.

This is the worst post of 2010. Utterly rubbish 'advice'.

Listen to this at your peril.

It invalidates all insurances and is completely irresponsible. As a Landlord you have a responsibility to your tenants, exposing them to undue risk of eviction because of invalid financing is frankly sick. You make it quite clear how selfish you are, and how you care nothing for your residents.

The day that Landlords like yourself get out of the market the better.

PS. I have also reported the post for advocating fraud.

new_home_owner_3

VIGILANT22 wrote: »

Any why would YOU hear?

It is hardly something people share down the pub, at work etc!! Do you work in the industry???

The below is from Shelter's website, I am sure they would be happy to talk to you if you give them a ring and tell them you're questioning this as
"I have not heard of a single case"........:)


http://england.shelter.org.uk/get_ad...ndlords_lender

Can people with mortgages legally grant a tenancy?

Yes, but only if their mortgage deed says it is allowed and/or they have their lender's permission. Most mortgage agreements do not allow tenancies to be granted without permission, and many lenders will try to repossess the property if they find out that this has happened

If the other person wants to take the risk its up to them, ive never heard of a case, and i dont think there is any until they miss payments, you need to chill and let the person make their own decision , remember its not you taking the risk jealousy is a bad thing you know.

I could imagine you being one of them curtain twitching neighbours:D

VIGILANT22

new_home_owner wrote: »

Its only the last 2 years btl mortgages have had massive fees and 25% ltv has came in. ive got a residential mortgage with consent to let and ive got about 4 years to run on it.

My payments would have been over 100 pound a month more if i would have had the 1 percent added.

now that over 12 months works out to about 4.5 months of my mortgage payments, and gives me a chance to bank that and keep for if i have none paying tenants.

I think the banks are just being far to greedy and if you want to get into the btl market now they are making it very hard, hopefully it will go back to how it was, maybe its down to all these amateur btl landlords.

You mean like yourself, professional landlords do not have the need for consent to let!!....:)

VIGILANT22

phlash wrote: »

This is the worst post of 2010. Utterly rubbish 'advice'.


followed by silvercar and his post "Please tell us of any case where a borrower has let to tenants without consent on a residential mortgage and has kept up with their mortgage payments and the lender has repossessed....I have not heard of a single case.

Who is he that he would be informed of these cases!!

phlash

new_home_owner........"amateur btl landlords"

Self-assessment by any chance?

new_home_owner_3

VIGILANT22 wrote: »

You mean like yourself, professional landlords do not have the need for consent to let!!....:)

im no professional , but i was in a position where the mortgage company had to give me consent to let, i told them that was the reason i went with them because they said i could get consent to let at anytime.

Ive never been asked by my tenants for proof, and the bank are not bothered as long has they get their mortgage payments.

We was in a fortunate situation that we have a lot of equity, but the banks still tried to get their extra penny, just a shame we was one step ahead of them, thats why i said in a post earlier if anyone is currently re mortgaging on a residential mortgage and is thinking of letting their property out in the future, get the information of what happens if you want consent to let.

They do change their terms and the bank we use now add a percent instead of a one off fee, luckily we just pay a one off fee every 2 years, until are curent deal finishes.

VIGILANT22

new_home_owner wrote: »

im no professional ,

Yes I know I can tell............