DirectLine residential - buy to let authority?

chrismac79

Hi

We are currently looking into letting our property out but it is on a residential mortgage through DirectLine, just wondering if anyone here has been approved/declined by them?

Sitting on their svr, as they transfer any new lending to a RBS mortgage was guessing that they would do similar with a Buy to let request?

Any help much appreciated.

Cheers
Chrismac

holly_hobby

You would be seeking consent to let (CTL) from direct line.

If permission is granted, your pay rate will naturally increase with a loading, as in essence this will now be semi-commerical lending at commercial rates.

CTL is usually reviewable, and generally by yr 3 and if still let, the lender will look to have you move to a BTL product with them, or move your BTL lending to another provider.

Permission will be on a individual basis - so you need to give them a call to see if they would be willing to effect such an arrangement for you.

Do have a read through the numerous BTL threads, re tax position, costings, capital provision for repairs/loss of tenant/management fees, and the issues and joys of letting ..... its not always plain sailing and there have been some horror stories .. so think it through carefully before jumping in !!

Good luck ... hope this helps

Holly

fossman

Did you contact Direct Line about getting consent?

I am contacting them tomorrow and just wondered what their response is going to be.

Update: just seen the op has only 1 post so not expecting a reply.

blued

Sorry to bring up an old thread but how did you get on fossman? I got CTL from DirectLine back in 2011 for up to a year and they charged between £100-£200 admin fee and that was all. I may need CTL again and was wondering if their fee was similar when you asked?