Consent to let query - 125% rent needed?

crazygeordiegirl

At the beginning of May I am proposing to get consent to let on my current mortgage with c & g.

I know with new buy to let mortgages rental income is required to be 125% mortgage payments, is this the same on getting consent to let?

Our mortgage now is just under £200 less than what we would get rental income however obviously the mortgage interest will go up with getting consent to let.

All advice greatly appreciated.

The_J

No such requirement needed on CTL. It's a regulated contract therefore cannot be based on anticipated income.

dimbo61

What they may offer you is consent to let for a period of time!
some only offer this for 12 months and some lenders for much longer.
Check all the paperwork carefully

crazygeordiegirl

Thanks, it was consent for 2-3 years if I remember correctly, thanks.

Thrugelmir

Remember only the interest element of the mortgage is tax deductible.

crazygeordiegirl

Thrugelmir wrote: »

Remember only the interest element of the mortgage is tax deductible.

:beer: Yeah I had realised that, to be fair the tax only has to be paid once a year so will have time so save for that (thankfully!)