Consent to Let - Halifax

qwertyqwerty

Hi I have a FTB buyer mortgage with the halifax, my circumstances have now changed and I am re-locating, and looking to buy another house. Will halifax give me permission to do this, what is the best approach to use when I speak to them? Is there likely to be a rise in the interes rate? And finally if I get permission am I free to get another mortage as a "first home mortgae"?

Thanks,

beecher2

Best approach is to be honest and see what they say. You will need a deposit for your next house if they agree, and as you aren't a FTB you wouldn't be eligible for any first home mortgage deals you may see.

Chinkle

Why do you want to become a landlord? There's lots of responsibilities and risks involved. Is it because the current property is in negative equity? Otherwise why not sell up?

Be up front with Halifax, if they won't give you permission then you will need to look for a buy-to-let mortgage.

I'm not sure why you think you would be eligible for first time buyer deals for your next mortgage when you are a second time buyer.

luckyfool

Well assuming you get consent to let there will be other lenders who will potentially consider a new residential mortgage for you, though you will need at least 10% as a deposit to put down.

Halifax currently are asking everyone to go onto a Buy to Let mortgage if they ask for consent to let, this could mean penalties, and will mean fees and a higher rate.

coldstreamalways

Hi, sorry to slightly hijack, I got CTL on a halifax mortgage just under 2 years ago, at the same time as having to change to a new product (not a BTL product though) this was valid for 2 years so will I revert to SVR at the end of 2 years or will I have to get a BTL mortgage?

To OP, I would honestly not recommend being a LL, I am due to -ve equity but I don't enjoy it at all, it's stressful and extra work that I could do without.

coldstreamalways

Anyone????

bob_regis

I was in the middle of my fixed deal mortgage with Halifax - and got consent to lease.

This did not change the terms of my agreement, but at the end of my fixed term I will either have to find a new deal or go on to their consent to lease rate - this is a rate which is not published - so difficult to estimate what this would be.

In terms of fees; you need to mention that you are moving away due to circumstances beyond your control. They should not charge you (unless you are on Halifaxs SVR deals).

I did this around three months ago.