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Consent to Lease / Buy to Let
Ronaldo_VII
Posts: 10 Forumite
Hi, I have a reservation on a new property and have the intention of renting it out for a while before living in it myself. I am looking at different mortgages and want to avoid having a Buy to Let mortgage due to the higher rates and startup fees as it doesn't seem worth it for only the relatively short period of time that I'd be renting it out.
I've seen that some banks offer Consent to Lease which would allow the current terms of the mortgage to still apply but allow the property to be rented. Can a Consent to Lease only be granted after the mortgage has been set up or can this be requested as part of the mortgage application? As I said, I don't want a Buy to Let mortgage yet it would be daft requesting Consent to Lease a week or so after getting the mortgage confirmed. My loan to value is around 60% so hopefully this shouldn't be an issue.
Any advice would be great, thanks.
I've seen that some banks offer Consent to Lease which would allow the current terms of the mortgage to still apply but allow the property to be rented. Can a Consent to Lease only be granted after the mortgage has been set up or can this be requested as part of the mortgage application? As I said, I don't want a Buy to Let mortgage yet it would be daft requesting Consent to Lease a week or so after getting the mortgage confirmed. My loan to value is around 60% so hopefully this shouldn't be an issue.
Any advice would be great, thanks.
0
Comments
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Consent to Let would normally need at least 6 months of owner occupier status before it is granted. As it is your intention to let from day 1 then you must get a Buy to Let mortgageI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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