Buy to let Mortgage HELP!

chocky_locky

I've had a buy to let mortgage for several years with Halifax, but for some reason I have to reapply every 3 years. They have told me that I will not be able to have another mortgage once this latest 3 year period is up. Each time I had to pay them for permission to rent, but isn't that what a buy to let mortgage for? :mad:

Every mortgage payment has been made on time so I can't understand why there's an issue.

I have poor credit so getting a mortgage from another bank will be impossible without huge penalties. Any recommendations?

Can anyone advise please:money:
Huge thanks

happyshopper1_2

Hi and welcome !

To be honest, it does not sound like you have an actual BTL mortgage but more a residential mortgage with permission to let.

The reason I saiy this is that on a normal BTL mortgage you dont have to ask for permission to let every few years.

Or are you talking about changing mortgage products every 3 years but with the same lender ?

GMS

Sounds like Consent to Let rather than a Buy to Let. It is at the lenders discretion as to whether or not they renew consent but with poor credit there may be no other lender for you.


Keep your fingers crossed the Consent keeps getting renewed

Thrugelmir

GMS wrote: »

Keep your fingers crossed the Consent keeps getting renewed

After 3 years. No longer appears to be a temporary arrangement.

Halifax is targeting those that obviously are running a business and moving them onto a more appropriate product.

silvercar

If no other lender will consider you then your only option is to ask the Halifax to transfer you to a BTL product rather than consent to let on your residential mortgage.