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Possible Mortgage?
Comments
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The property you are looking to take over, is this the rented property or another? who is the mortgage with that you are looking to take over?
I own the property with a family member, we have been living in it for 2years now. Recently the property went on let with the banks permission (ctl).0 -
oneandonly17 wrote: »I own the property with a family member, we have been living in it for 2years now. Recently the property went on let with the banks permission (ctl).
So we're looking at a consent to let with transfer of equity?
I think most lenders effectively "freeze" the mortgage once CTL is granted, and will not allow any changes.
Are you renting now , or back with parents?I am a mortgage adviser.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.0 -
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So we're looking at a consent to let with transfer of equity?
I think most lenders effectively "freeze" the mortgage once CTL is granted, and will not allow any changes.
Are you renting now , or back with parents?
I got the wrong end of the stick here, unlikely to amend anything whilst on consent to let - I thought there were 2 separate properties involved..I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
I got the wrong end of the stick here, unlikely to amend anything whilst on consent to let - I thought there were 2 separate properties involved..
The bank is aware this is on ctl and have sent out the application form, if the mortgage is on 'freeze' im sure they would've told us this on the phone before the application form was sent out.0 -
Depends on the lender, would check with them though before wasting your time filling in the application form.
It also means you are limited to using this lender (depending upon who they are) you may not make the income multiples now in order for the application to be successful.
They will credit score and assess you alone (suppose your first questions were around this) so would need to know the lender to better answer your initial questions..I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Wouldn't be the first time a bank has made a mistake. Better to find out now than further down the line.oneandonly17 wrote: »The bank is aware this is on ctl and have sent out the application form, if the mortgage is on 'freeze' im sure they would've told us this on the phone before the application form was sent out.
I'd suggest you contact them to double-check.
They might have assumed that if you are remortgaging then you don't need the CTL?0
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