HSBC Consent to let Vs Let to buy mortgage

coops82_2

Does anyone have experience of gaining a consent to let from HSBC in terms of it being beyond extended beyond the intial 12 month period?

Also what is the difference between gaining a consent to let and getting a buy to let mortgage?

Thanks

Thrugelmir

Are you intending to let the property for the foreseeable future?

The difference is primarily cost. (On the basis that you meet the criteria for a BTL mortgage). As a BTL mortgage is regarded as commercial as opposed to residential lending. In essence you will be running a business letting property. With all the risks and rewards that go with same.

coops82_2

Potentially for the forseeable future yes. I have alot of equity in the property so BTL shouldnt be a problem.

My main questions are
- are CTL a short-term solution? or has anyone had consent granted for 5+ years
- Would you have to let the lender giving you CTL know if you wanted to buy a new residential property?

Thrugelmir

coops82 wrote: »

Potentially for the forseeable future yes. I have alot of equity in the property so BTL shouldnt be a problem.

My main questions are
- are CTL a short-term solution? or has anyone had consent granted for 5+ years
- Would you have to let the lender giving you CTL know if you wanted to buy a new residential property?

Lenders vary in their view. Generally CTL is primarily for periods of up to 3 years. Most lenders are now requesting a switch to a more suitable product once a set period of time has elapsed, or imposing an interest levy.

No. Nothing to do with the current lender. Though the new lender may take the other property into account.

northerner999

I had consent for let for two years with Halifax.

I moved back in shortly afterwards through circumstances, but at no point did they contact me to question if I was still letting or not. I did not speak to them until I remortgaged around two years' later (having benefited from it being sat on their low SVR).