consent to let and mortgage

poppy10_2

yorkiegirlie wrote: »

I will have a look at moving my mortgage elsewhere I think, and possibly not tell them it is for 5 years

Mortgage fraud? I really wouldn't recommend it.

yorkiegirlie

you are right poppy10 I wouldn't be able to sleep at night!

Thrugelmir

yorkiegirlie wrote: »

you are right poppy10 I wouldn't be able to sleep at night!

Without approval of your lender any insurance cover can be deemed null and void.

A professional lettings agency will also want to see evidence that you have approval to let. Let alone a good tenant.

newyear2011

you could do a product transfer onto a normal rate eg 3 year fixed then a few months later approach them re a consent to lease. if you are tied in on a deal they will probably allow you to stay on that.

ManicMum

Meeper wrote: »

This is not as simple as people might make out. In order to switch to a BTL mortgage, you would need a residential UK address to move into. As you are going overseas you have no such address therefore not only would you need a BTL lender, you would also need one who will deal with ex-pats and UK residents living overseas.

things have obviously changed in recent years. Halifax let me rent my place out for 2 years on a consent to let whilst overseas too. Didn't realise going overseas now needed a specialist BTL lender. Are they even more expensive than a normal BTL lender? I bet they are!

ManicMum

newyear2011 wrote: »

you could do a product transfer onto a normal rate eg 3 year fixed then a few months later approach them re a consent to lease. if you are tied in on a deal they will probably allow you to stay on that.

as someone else has said, I think your insurance will be invalid if you hadn't told lender or were on the wrong sort of deal for your circumstances

Burridge60

newyear2011 wrote: »

you could do a product transfer onto a normal rate eg 3 year fixed then a few months later approach them re a consent to lease. if you are tied in on a deal they will probably allow you to stay on that.

I posed this exact same question to a Halifax rep recently and they stated that Halifax would resist giving consent where they felt that the new mortgage was entered into with a view to a request to let being made shortly after the deal had been agreed.

You have backed yourself into your own cul de sac by not being open and honest with the lender. Can you expect any better treatment.

If you tie it up knowing you want to let then you should do a Buy to Let Mortgage and cease occupation immediately on completion.

Thrugelmir

ManicMum wrote: »

things have obviously changed in recent years. Halifax let me rent my place out for 2 years on a consent to let whilst overseas too. Didn't realise going overseas now needed a specialist BTL lender. Are they even more expensive than a normal BTL lender? I bet they are!

Historically 3 years was considered a reasonable length of time to allow CTL.

Five years (even longer?) obviously falls well outside this criteria.

If a property is being let for commercial gain rather purely necessity. Then lenders can obviously take a different view

CloudCuckooLand

5 years is a long time for plans to change. You may never return from US. Sell it, bank the cash, and avoid the long-distance hassle and uncertainty.

yorkiegirlie

have just had a meeting with the Halifax! consent to lease is not the same as buy to let. They also told me that as we werent needing this till July that if I approached them for a fixed rate (which they wouldthen have to let me stay on the same rate as and give me consent to let) I would be refused as they now already have on their records that I have approached them and asked for info on renting out my property! sly buggars!
therefore, I have 2 options. Stick with the HAlifax and go on a consent to lease rate at 5.5% , or look around at other lenders. Any suggestions?