Has anyone applied for a C+G consent to let on their mortgage?

JohnSmith1991

Hi,

I have foolishly rushed into letting out my flat as I was offered a job down south and was required to move fairly suddenly. Unfortunately I could not afford to pay both my mortgage and rent so arranged for tenants to move into my flat. I had lived in the flat for 3 years up until that point and have a regular residential mortgage.

Since moving out I have been carrying out research into the letting of flats which indicates that I should either have a consent to let or a buy to let mortgage but i do not have either. Unfortunately I do not have a sufficient percentage of my flat paid off to get a buy to let so a consent to let seems like the only option. I am aware that this should have been done prior to the tenants moving in.

My questions are; should i wait until the tenants move out in 45 months time before applying for a consent to let or apply for it now even though they are living there? What kind of checks do C+G carry out prior to granting a consent to let? What would be the likely implications if they found out that tenenats were living there unauthorised? How long does it take from the initial application to the granting of permission?

Any assistance on this matter would be much appreciated, I really want to do things properly and hope it is not to late to do so!

Many thanks in advance.

The_J

C&G are great for consent to let. They would have been fine at the time and they should be OK now.

I wouldn't proffer the information that it has been rented for the past 3 years. Unless you want the guy at the other end of the line to say "C'mon son".

JohnSmith1991

Original post should read '5 months' not '45 months'!

ianthy

Hi - just note that you will be moved onto anew higher rate mortgage to reflect that you are now running a BTL and not a residential home. The agreed that we could let but offered a mortgage rate at double our existing residential rate. Needless to say we are in the process of moving to another lender.

Thrugelmir

JohnSmith1991 wrote: »

My questions are; should i wait until the tenants move out in 45 months time before applying for a consent to let or apply for it now even though they are living there?

Any assistance on this matter would be much appreciated, I really want to do things properly and hope it is not to late to do so!

Many thanks in advance.

Your insurance policy on the property is invalid, with no consent from the lender.

So keep your fingers crossed that your tenants don't trash the place or it burns down.

Simon_gloster

The_J wrote: »

C&G are great for consent to let. They would have been fine at the time and they should be OK now.

I wouldn't proffer the information that it has been rented for the past 3 years. Unless you want the guy at the other end of the line to say "C'mon son".

The J, they used to be good. They have been following Halifax policy since around the new year. They are getting tougher.

Unauthorised tenancy through halifax now is a under suspicion, a letter gets sent to 'the occupiers'. Those honest tenants may fill it in etc but more policing is going on. Quite rightly in my opinion.

Thrugelmir

Simon_gloster wrote: »

They have been following Halifax policy since around the new year.

Lloyds control risk management over the entire group. So a natural move.

As HBOS had far weaker policy than Lloyds pre-merger. That's why implemented in this order.

crazygeordiegirl

Simon_gloster wrote: »

The J, they used to be good. They have been following Halifax policy since around the new year. They are getting tougher.

Unauthorised tenancy through halifax now is a under suspicion, a letter gets sent to 'the occupiers'. Those honest tenants may fill it in etc but more policing is going on. Quite rightly in my opinion.

Sorry to hijack a thread but what is the 'halifax' policy. I am going to be applying for consent to let with c & g in the next few days so want to be aware of any problems I may face. Thanks in advance.

Thrugelmir

crazygeordiegirl wrote: »

Sorry to hijack a thread but what is the 'halifax' policy. I am going to be applying for consent to let with c & g in the next few days so want to be aware of any problems I may face. Thanks in advance.

Consent to let is normally granted on a case by case basis.

Simon_gloster

The_J wrote: »

C&G are great for consent to let. They would have been fine at the time and they should be OK now.

I wouldn't proffer the information that it has been rented for the past 3 years. Unless you want the guy at the other end of the line to say "C'mon son".

crazygeordiegirl wrote: »

Sorry to hijack a thread but what is the 'halifax' policy. I am going to be applying for consent to let with c & g in the next few days so want to be aware of any problems I may face. Thanks in advance.

C&G used to have a £225 fee only on CTL. Thats gone and now will convert people onto CTL rates if they are not tied in. If a borrower doesnt want these rates, they will monitor the mortgage and rate load it in the future.

All lloyds brands are being alligned to one uniform way. Most are taking Halifax's policies nd Halifax are taking some Chelt & Gloucester policies. Hope that answers a little of it.

lukemc

To update this for C&G's current rates/policy. I was just quoted 4.99% above base rate for consent to let. Since this is more than twice what I am currently paying, I think I'll look elsewhere!