Been refused consent to let by Halifax

new_home_owner_3

we earn less than 2500 after expenses are taken so we dont fill in a self assessmnet, we have been in touch with the tax office and they have said we are okay if they need to take any they will do it through paye and change my tax code.

Chinkle

OP, I'm sorry for your current situation and your genuine need to find a workable solution. Unfortunately, there have been a lot of problems created in the past few years by amateur landlords wanting to make a quick buck - hence the reason for some of the responses that have come your way.

There's no harm appealing if Halifax refuse - but I wonder if the best solution wouldn't be to sell up. If you want to make a commitment to your partner and a new life in Aberdeen.

If you're already on the property ladder and need to move, I would suggest now is a great time to do so, Put the house on the market at a reasonable price and bag yourself a bargain in Aberdeen.

new_home_owner_3

VIGILANT22 wrote: »

new_home_owner wrote: »

im no professional ,

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

And i suppose you are true profesional, i have you down has someone who lives in a bedsit is jealous of everyone and what they d whether its right or wrong, you just sit on here all day telling people you are right and they are wrong. get a life loser.

VIGILANT22

new_home_owner wrote: »

VIGILANT22 wrote: »

And i suppose you are true profesional, i have you down has someone who lives in a bedsit is jealous of everyone and what they d whether its right or wrong, you just sit on here all day telling people you are right and they are wrong. get a life loser.

:T

:rotfl::rotfl:Maybe life would be a lot stress free if in a bedsit!
Don't think you make a career in profiling either!

phlash

The fact is new_home_owner, you have given erroneous advice, which you should withdraw and not lead the OP down a slippery path.

emmajayne1982

Thanks Chinkle. I am still waiting for the call from the Halifax - which should be today sometime.

I know that selling seems to be the best and most sensible option. But when I bought the house I put down a deposit of £22k which was inheritance from family and the thought of losing that money really upsets me.

I am going to speak to the Halifax later on, see if I can appeak their decision and take it from there.

phlash

Emmajayne - I do sympathise with your position.

Do update us with the call.

If you really don't want to sell the whole property, and you cannot secure consent to let or a BTL mortgage (which you will not get at 90% LTV) then maybe....

One solution - Sell part of your house to an investor - who will be able to put in the cash to make up the difference from current LTV to 75% LTV in order to secure a BTL mortgage. This way you only sell a part of the property, and you could hope to recover your capital in years to come. If you own the property with the BTL investor as Tenants in Common, then it means you could sell your share of the property whenever you wanted (although the market to sell to is smaller).

As a BTL Landlord, under the right circumstances, I would enter into such a deal with someone like yourself.

new_home_owner_3

phlash wrote: »

The fact is new_home_owner, you have given erroneous advice, which you should withdraw and not lead the OP down a slippery path.

Im not here to give advice, im just saying what i would do, we are all different, but some people just seem to get a bee in their bonnets because some people take risks and get away with it, i could understand if it was someone who had done it and got caught saying dont do it this will happen.

But its from some person who is not willing to take the risk themselves and tries to scare everyone else not to do it it, because bottom line their jealous they never done it themselves.

I personally dont think she wil get into trouble has long has the mortgage is paid, but thats my opinion, im not on here to give advice and dictate to people you obviously are.

new_home_owner_3

phlash wrote: »

As a BTL Landlord, under the right circumstances, I would enter into such a deal with someone like yourself.

And the circumstances will not be right for a long time with fees of 3.5% on btl mortgages.

phlash

You have quoted one of the highest arrangement fees there. Granted that the median is probably 2.5%, but there are still deals at under £1k.

Long may they continue to be high, so long as that deters selfish Landlords.

Those fees are part of the setup cost, and are by no means the kind of barrier to entry that should put off a long term BTL investor.