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Halifax consent to let, advise needed
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dickhurricane
Posts: 2 Newbie
Hi, does anyone have any experience or advice they can offer regarding requesting consent to let with Halifax?
My story so far, I have a 97% Ltv mortgage on SVR. a few weeks ago I enquired about consent to let for short term and all they could offer me was a deal on a rather high interest rate and a £1000+ setup fee. Which I had to decline.
Talking to friends etc other lenders don't seem to impose these types of consent to let deals and let the borrower continue and give them permission to let for a year at a time basis.
Has anyone got any ideas I can work this any better? I have read that I could switch to a fixed deal and then ask again and I should have more luck is there any truth in this?
Many thanks
R.P
My story so far, I have a 97% Ltv mortgage on SVR. a few weeks ago I enquired about consent to let for short term and all they could offer me was a deal on a rather high interest rate and a £1000+ setup fee. Which I had to decline.
Talking to friends etc other lenders don't seem to impose these types of consent to let deals and let the borrower continue and give them permission to let for a year at a time basis.
Has anyone got any ideas I can work this any better? I have read that I could switch to a fixed deal and then ask again and I should have more luck is there any truth in this?
Many thanks
R.P
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Comments
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97% ltv is probably not enough equity to get the best deals.0
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As you have pointed out, yes, the technique is to conduct a product transfer BEFORE you contact them about the consent to let. This would give you two years on a lower rate before they impose the CTL conditions which come only when you are on SVR.
You could have a go, but frankly, I expect your account to have been marked and a product transfer to be too late.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Hi Kingstreet thank you for your info very much appreciated
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The majority of Mortgage providers will look for a larger amount of equity in the property to grant Consent to Let.Turning our clutter to top up our house deposit: £3000/£303.05 we're on our way!0
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Halifax are known for charging the most on CTL and you have nowhere near enough equity to change to another provider's BTL mortgage.Don't listen to me, I'm no expert!0
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