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Consent to lent advice
deano3
Posts: 234 Forumite
*Consent to rent
Hi all, im wanting a little advice regarding the above. Ive recently requested consent to rent from my mortgage provider, they have asked me to inform them, amongst other things, what the reason is that i/we want to rent our house.
The reason we are renting is for long term investment, however initially we are moving back in with parents to save for a deposit for another home.
What im wanting to know is if that answer is likely to satisfy the mortgage company, i appreciate all firms will have different policys on this but any hint or tips would be most appreciated.
Many Thanks
Hi all, im wanting a little advice regarding the above. Ive recently requested consent to rent from my mortgage provider, they have asked me to inform them, amongst other things, what the reason is that i/we want to rent our house.
The reason we are renting is for long term investment, however initially we are moving back in with parents to save for a deposit for another home.
What im wanting to know is if that answer is likely to satisfy the mortgage company, i appreciate all firms will have different policys on this but any hint or tips would be most appreciated.
Many Thanks
0
Comments
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I would expect it to be unlikely they would grant consent in those circumstances. Apart from the fact that a BTL mortgage will cost you more why not transfer it to that if all you are wanting is a long term investment. A residential mortgage is for a property you live in not for one that you want to rent out.Remember the saying: if it looks too good to be true it almost certainly is.0
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i dont think rent would cover mortgage if was buy to let. I would of thought that most people renting out property is for the purpose of long term investment. I dont have a lot of equity in the property but have good credit, no missed payments etc.
Thankyou for your reply.0 -
Consent is not usually granted indefinately, usually for 3 years. You go to BTL rates after that should you not re-occupy.0
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The lender is...?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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Hi all, thanks for your replys, the good news is the mortgage company have confirmed that if consent is granted it will be indefinately. I also discussed the reason for rent and they said it is not likely to be an issue.
Just need to get everything in writing now and hope consent is agreed.0
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