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Obtaining consent to let - Yorkshire Bank

linzipple
linzipple Posts: 7 Forumite
in House buying, renting & selling
Hi,

Does anyone know if Yorkshire Bank make you switch to a buy to let mortgage, or can they just give consent to let?

My boyfriend and I bought our house 8 months ago and have been given a great opportunity to take on his parents house which is much bigger and in a nicer area. It would set us up for life! (shame it didn't come about 8 months ago!!)

However, we're tied into this mortgage for 3 years and don't want to pay any penalties if we were to sell it. If we could, we'd keep it on forever as an investment if we could keep it rented. We just need to know whether we'll be made to switch mortgages to a BTL (as we only have around 5% equity) or just be given consent?

Any help would be much appreciated!

Thanks

Comments

  • theartfullodger
    theartfullodger Posts: 15,988 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    What did they say when you asked them ??
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Can his parents rent out their house for a couple of years until you are clear of the mortgage redemption penalties?
    I'm not sure they'll be particularly keen on buy-to-let on 95% LTV.
  • Sparrowhawk_2
    Sparrowhawk_2 Posts: 25 Forumite
    Yorkshire Bank & Clydesdale Bank are utterly inflexible when it comes to consent to let.

    They will insist that you convert your mortgage to a BTL immediately.

    Taking in a Lodger is another matter, but in terms our Renting OUT the ENTIRE property for 6months or any other length of time is not allowed.
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