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GE Money Consent to Let
becstarr
Posts: 14 Forumite
Does anyone on here know what factors effect whether GE money will grant consent to let a property? My other half and I have seen a property we love but I'm not sure we have the time to hang around to try and sell our current place. The rent would comfortably cover the mortgage until we can sell. Any thoughts?
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Comments
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Rent may easily over the mortgage, but what about the other costs of letting - EPC, GSC, landlord insurance (residential insurance would be invalid), tax on your rental income.
The Consent to let would depend on the value of your loan, how long you have had it, and they can add extra costs, set-up charges, and even restrict who you let to and for how long, and how much rent you must charge.
Then there are all the legal requirements of letting. Read this:
http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12
to see whether you really want to go down this route!0 -
Has anyone ever got consent to let from GE Money? We certainly didn't and our outstanding mortgage was 25% of the value and the rental value of the property was 1300% of the monthly mortgage interest yet despite it being 10 times what a BTL or LTB mortgage required, beng 1/3 of the LTV of a BTL mortgage and only having 6 years remaining they refused point blank.0
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Thats why i was asking - from what i have seen they seem to turn down a lot of requests and i was wondering if anyone knew why!!
Well i guess we'll just have to try and sell and hope the house we like will be available when we are, i'm sure it will all work out for the best
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