Re-Mortgaging with a 1 year Consent to Let

bbasra

Hi,

I currently have a 2 year tracker mortage with Halifax which expires in 30th Sept 2012. With this residential mortgage, I also have a Consent to Let which expires the same time. The property is currently occupied.

My issue is that i'm getting a 5 year residential fixed rate mortage with HSBC at 2.99% but i'd still like to rent it for another year by which time i'll be ready to move into it. I also don't see any 1 year BTL mortgaes.

Is there anyway i could do this?

Thanks.

harvey115

HSBC would most definitely not provide you with a Consent To Let on their lowest ever 5 years fixed. Also it is not guaranteed that Halifax will be able to provide with another CTL after the current one expires.

Sorry for the bringer of bad news.

GMS

I would like to have my cake and eat it!

Why would a lender accept you on a residential mortgage rate and allow you to rent it out on day 1?

If you are letting the property then you would need a Buy to Let mortgage if you change lender.

MuffinTops

Have a chat with HSBC. I have a mortgage with them and I'm allowed to rent my house out for 12 months without any fees or charges. I spoke to them about it last month as I want to weigh up my options on where to live.

So, I think if you're up front with them and have a good reason why it needs to be let for 12 months before you move in then you could be ok with them.

They told me that if it's only a temorary arrangement they would rather have the house occupied and safe than empty and vulnerable.

bbasra

I guess my only option is to get a BTL and rent it for the year and when i move into it, wait until the BTL expires and get a residential mortage :-(

harvey115

Try to speak to HSBC as well in case they allow

bbasra

I'm sure HSBC do BTL .....

https://mortgages.hsbc.co.uk/buy-to-let-mortgages

Response from HSBC ....

We don't do buy to let mortgages. So the residential mortgage cannot be turned into the buy to let.

Thrugelmir

bbasra wrote: »

We don't do buy to let mortgages. So the residential mortgage cannot be turned into the buy to let.

Do you meet the criteria?

you have previously owned a Buy to let property (you will need to supply tax returns or bank statements showing at least 12 months experience as a landlord) and

?