Consent to let .. birmingham midshire

kamranjanu

Hi ,

I have a birmingham midshires mortgage and i am with them for about 6 years . due to the moving into girlfriends home i want to let the property . Does any body have any experience or info how do i go around it . how can i get consent to let ... how much they charge or or are they going to change my product . i am worried because i bought the house at housing boom I dont have any equity in the house so i cant really apply for new btl mortgage .

Any help is highly appreciated

Thrugelmir

Give them a call. The granting of CTL can vary according to individual circumstances.

_Andy_

Simple - ring them and ask.

downsideup

I have a buy to let mortgage with BM, so I am sure they will let you change to a BTL at least

Thrugelmir

downsideup wrote: »

I have a buy to let mortgage with BM, so I am sure they will let you change to a BTL at least

Insufficient equity by the sounds of the original post.

koexelek

downsideup wrote: »

I have a buy to let mortgage with BM, so I am sure they will let you change to a BTL at least

Not necessarily.
If you are on a really good interest rate, I dare say they won't give you consent to let, as they will want you off of it. That's what happened recently with a client of mine

kamranjanu

Hi,
Thanks for all of your's reply I was just wondering to have an idea before i call them as the problem is i dont have equity in the house and i dont want them to ask me for a new mortgage application so my question is would they just give consent to let or if they want to increase the intrest rate that fine with me too but something i cant afford is new btl application as in this case the equity issue will come up ... any help ....

koexelek

kamranjanu wrote: »

Hi,
Thanks for all of your's reply I was just wondering to have an idea before i call them as the problem is i dont have equity in the house and i dont want them to ask me for a new mortgage application so my question is would they just give consent to let or if they want to increase the intrest rate that fine with me too but something i cant afford is new btl application as in this case the equity issue will come up ... any help ....

You are in a bit of a vunerable situation here. As there is no equity you can't remortgage it to a buy to let, with BM or anyone else.
So if you say you want to let it, best case scenario is that say yes, (and probably bump the rate up and charge you an admin fee )
However, if they said no, you'd be forced to sell.
As I said earlier ( and call me a cynic ) if you are on a high rate, they will probably give you consent to let, but if you are on a really good rate I reckon they will want you to sell it and redeem the mortgage