any one got consent to let from Natwest who can confirm the following

realfun

My consent to let has been approved and waiting for the hard copy in the post.

The lady on the phone from Natwest said the consent will be valid for the lifetime of the mortgage until i move back into my place and I'll continue to make the repayment as my current deal stands (residential 2yr tracker).

Can anyone confirm this as i wait for my documentation through the post?

poppy10_2

Never heard of a mortgage lender offering lifetime consent to let before

realfun

I did ask the lady are you sure and she said yes. She also said the consent automatically renews itself until i move back to my property.

I don't have any documents to confirm this hence my question to you.

brit1234

Never heard of such a thing and it does not seem logical. The people left on consent to let for years are now being targeted and told to go onto buy to let packages. Just check the posts on here.

The_J

I've got plenty of clients with consent to let for the rest of the mortgage. C&G's 2.5% SVR springs to mind. Some lenders (like Nationwide) are introducing limits on the number of years for existing borrowers so that is something to be aware of (consent to let is not contractual and can be withdrawn or amended).

It's the long game for the lenders, they know the variable rate will go up in the future and they'll make their money then. You've only got the remainder of your tracker to see out before you revert to SVR and at that point, dependent on situation, it might not even be the cheapest option to remain on that.

realfun

My 2year tracker started in March this year. Towards the end of the tracker when I come to renew, would NatWest allow me to keep their consent or would they tell me to take out BTL product?

I asked the lady, she said 'Oh, yes sir, you'll be able to keep the consent and continue to pay as normal'.

The_J

Yes it's reasonable to expect that. The rate will likely be higher and variable (bank can change it when they want).

plane_boy2000

I have consent to let from RBS (same group as nat west) - its open ended and was granted about 7 years ago. Everytime I call them they tell me that its classed as a residential mortgage so I can have residential rates, despite being aware that I am letting the property.

Sadly my BOE + 0.89% tracker finished earlier this year :-( so I'm just on the SVR at the moment.

I boght the property with 25% deposit, and the LTV must now be around 55 - 60% so that may be why they have left me alone!

realfun

plane_boy2000 wrote: »

I have consent to let from RBS (same group as nat west) - its open ended and was granted about 7 years ago. Everytime I call them they tell me that its classed as a residential mortgage so I can have residential rates, despite being aware that I am letting the property.

Sadly my BOE + 0.89% tracker finished earlier this year :-( so I'm just on the SVR at the moment.

I boght the property with 25% deposit, and the LTV must now be around 55 - 60% so that may be why they have left me alone!

Thanks for the info, I was scared to ask them what will happen when my 2year tracker finishes - will you chuck me to a btl product or can i keep the residential mortgage, it would be good if I can.

Do let me know what happens when you renew your mortgage from SVR.

p.s what is your svr?