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Halifax Consent to Lease fixed rate period ending - next steps query...
bluesexile
Posts: 1 Newbie
Hi,
I'm new to the forum and looking for some opinions on our situation, hopefully you guys can help (from a look through the forum it looks like there are some knowledgeable and helpful people here!!). To explain:
We bought a flat in the UK in 2003 on a standard residential repayment mortgage from the Halifax. In 2007 we moved to France for work and, not knowing how things would pan out and not wanting to sell our flat, we moved to a "consent to lease" product with the Halifax and rented out our property. No problems there.
The initial 2yr fixed rate period on the consent to lease ran out in 2009, at which point we spoke again to the Halifax, explaining that we still didn't know long-term plans and could we continue with consent to lease. After some confusion (and frankly some very poor service from the Halifax who took 3 months to change their mind and tell us that we couldn't just let the fixed period run down and move to SVR as we were initially led to believe) we signed up to a new 3yr fixed consent to lease with Halifax.
This second fixed period is coming to an end later this year and we're looking at options. We still don't really want to sell, the flat is rented but we don't make money from it - it simply looks after itself. We have also since decided our life is in France.
Q1: I suppose therefore that a consent to lease is no longer the "honest" approach and we should be looking at Buy to Let products?
Q2: We have already spoken to a broker but wanted to check independently for any "glowing" recommendations for particular BTL products or lenders we could/should contact.
Q3: I will be speaking to the Halifax in any case, although unless they offer something (very) competitive we not going to do them any favours. Does anyone have any particular experience of this recently with the Halifax (advice / suggestions)?
Thanks in advance, all help appreciated!!
I'm new to the forum and looking for some opinions on our situation, hopefully you guys can help (from a look through the forum it looks like there are some knowledgeable and helpful people here!!). To explain:
We bought a flat in the UK in 2003 on a standard residential repayment mortgage from the Halifax. In 2007 we moved to France for work and, not knowing how things would pan out and not wanting to sell our flat, we moved to a "consent to lease" product with the Halifax and rented out our property. No problems there.
The initial 2yr fixed rate period on the consent to lease ran out in 2009, at which point we spoke again to the Halifax, explaining that we still didn't know long-term plans and could we continue with consent to lease. After some confusion (and frankly some very poor service from the Halifax who took 3 months to change their mind and tell us that we couldn't just let the fixed period run down and move to SVR as we were initially led to believe) we signed up to a new 3yr fixed consent to lease with Halifax.
This second fixed period is coming to an end later this year and we're looking at options. We still don't really want to sell, the flat is rented but we don't make money from it - it simply looks after itself. We have also since decided our life is in France.
Q1: I suppose therefore that a consent to lease is no longer the "honest" approach and we should be looking at Buy to Let products?
Q2: We have already spoken to a broker but wanted to check independently for any "glowing" recommendations for particular BTL products or lenders we could/should contact.
Q3: I will be speaking to the Halifax in any case, although unless they offer something (very) competitive we not going to do them any favours. Does anyone have any particular experience of this recently with the Halifax (advice / suggestions)?
Thanks in advance, all help appreciated!!
0
Comments
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You can continue with your CTL with Halifax, but it'll be at around 6% fixed for three years and with a £1,000 fee.
If you can do any better than that via a BTL product with another lender, go for it.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
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