Consent to let - 2nd mortgage

Ju&Mel

Hi, quick question....

Is a 'consent to let' seen by lenders the same as a 'buy-to-let'
In other words, if a property has CTL will lenders 'ignore' this mortgage/outgoing when assessing you for a new mortgage on another property?

dimbo61

You need to ring up the lender and ask but they may well require you to change the CTL to a BTL with the extra costs involved
So give them a call

Burridge60

Depends on the lender. Some accept this and ignore others won't need it but want your rent to cover the mortgage by 125%.

Ju&Mel

Any ideas on which lenders are the 'best' for gaining consent to let from (i.e those with the least restrictions/penalties) :beer:

Thrugelmir

You won't be able to remortgage then immediately apply for CTL.

Ju&Mel

Thrugelmir wrote: »

You won't be able to remortgage then immediately apply for CTL.

Is there a minimum time, eg 3months, 1 year?...

We need to remortgage from NRAM but there is a possibility my husband may work away for a year, this could be in 6 months time, or in 2-3yrs

Wh05apk

Ju&Mel wrote: »

Is there a minimum time, eg 3months, 1 year?...

We need to remortgage from NRAM but there is a possibility my husband may work away for a year, this could be in 6 months time, or in 2-3yrs

If it is genuine, I wouldn't worry, if you know that the day after completing on a remortgage you will ask, the lenders will naturally get suspicious, but if after a couple of months he has to move away, then there should not be any problem.

Burridge60

Ju&Mel wrote: »

Is there a minimum time, eg 3months, 1 year?...

We need to remortgage from NRAM but there is a possibility my husband may work away for a year, this could be in 6 months time, or in 2-3yrs

All lenders have tightened up on giving consent to let for residential mortgages.

Abbey/Santander are probably the most sensitive as they even ask their valuers to be alert for potential let properties when they carry out even a purchase mortgage. Halifax have said they would strongly resist and question the circumstances where a customer took a renewal product with them or a new mortgage customer came to them on residential then asked for permission to let soon after. Nationwide now charge extra interest for let properties are also wary of requests soon after granting a mortgage.

You are probably best off speaking to a Mortgage Broker of some kind as they are likely to know the stance of many lenders.

I haven't had to do such research of late other than with the companies mentioned above.

Ju&Mel

Spoken to the 'consent to let department' at Natwest today, they seem a bit too relaxed about it if i'm honest
They said no minimum time to have the mortgage, would stay on the same rate until the end of the fixed period, then could/would move to a BTL
£100 for the consent to let
And the bit I was unsure of, he said No T&C's, so no minimum rent, (like some require 125% rent v mortgage payment) or no minimum LTV (some require 25-30% equity)
Does this sound right to you, as things that sound to good to be true usually are+

gwernybwch

Ju&Mel wrote: »

Spoken to the 'consent to let department' at Natwest today, they seem a bit too relaxed about it if i'm honest
They said no minimum time to have the mortgage, would stay on the same rate until the end of the fixed period, then could/would move to a BTL
£100 for the consent to let
And the bit I was unsure of, he said No T&C's, so no minimum rent, (like some require 125% rent v mortgage payment) or no minimum LTV (some require 25-30% equity)
Does this sound right to you, as things that sound to good to be true usually are+

Did you proceed with the 'consent to let' application? Was there any issues along the way.

I've got my mortgage with NRAM who are similarly suggesting that it is a pain-free process.