consent to let and mortgage

huangdi

exact same boat as you. Looking to leave UK Jun-July time. i will be travelling the other way!!! Phoned mortgage company (Scottish Widows) , they want 400 quid to change to consent to let(they dont even do BTL). the upside is that i stay on the same rate. i dont really want to remortgage at the moment （80-85%LTV) , as i want to keep savings for moving abroad. still to fill out all the forms, so whether or not i get it is a different story! ive been with them for 5 years, and most of the time overpaid, so i shouldnt see any problems. i initially will have it for 1 year, but will renew after the year ends (hopefully i move away for 3 years or so).

i take it you have enough LTV to remortgage comfortably unlike myself. not sure if mortgage companies will allow consent to let immediately if you remortgage? maybe other people know!

Burridge60

So what do you tell the new lender? I trust the truth as told to Halifax?

To attempt not to do this won't be sly it will be mortgage fraud !

barberdave

I moved overseas and will be staying indefinitely and started to rent my house out. I told my lender HSBC and they gave me consent to let for 1 year (until Jan 2012) and told me they no longer offer buy-to-let mortgages. My getting a btl mortgage with repayments to match my monthly rental payments is basically not going to be anywhere near possible as it has to be LTV of about 80 percent-I could see it but would rather wait till the value increases a bit plus selling it over xams/new year is going to be extremely difficult.. Anyway, I called HSBC today and was told by an anonymous voice in the mortgage call centre that I should just call a week before my current agreement ends and they should re-new it. Thing is I don't feel completely reassured by this info - does anyone else know this to be the case or have any other info?

Thrugelmir

barberdave wrote: »

. Anyway, I called HSBC today and was told by an anonymous voice in the mortgage call centre that I should just call a week before my current agreement ends and they should re-new it. Thing is I don't feel completely reassured by this info - does anyone else know this to be the case or have any other info?

Well they change the rules at anytime. Imposing them from the next renewal date.

tinktay84

GuidoT wrote: »

I question whether you should tell lenders at all, others I know here will disagree and some will want to lynch me for saying this.

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we rang halifax to ask for consent to lease and as we didnt have a definate answer as to whether we would still be renting it out after 3 yrs or if we would move back in they turned us down.Who knows what I wil be doing in 3 yrs?!(my husband siad well if I get hit by a bus tomoz will yoou take away consent t lease as we have lied...she didn like that haha

After making many calls and speaking to solicitors, halifax themselves etc we discovered that there is very little they would do if we went ahead anyway.We asked if they would repossess and they were very unsure as it had never come up apparently so we went ahead anyway.we make our payments on time, we use an agent and halifax employees are aware that we do not live there and we are 2 years on now.

We spok to several peole who have poperty protfolios, mortgage advisors, solicitors who al said that although they would never oficially say not to tell them, they have never had problems when they have come across not telling them (all very nudge nudge)