Natwest Consent to Let - Fixed rate ending, now what?

silvercar

Morgage_Confused wrote: »

Anyone have any idea if the broker only btl deals are much better than say TMW.

No harm is sourcing your own direct deal then asking a broker if they can better it.

theosnw

I have a property of my own which I bought following relationship troubles that is with Natwest.

My deal is ending and me and my partner (we got back together) are thinking of moving in to my house and letting out the joint one we live in.

The tenant I have will over-run the current deal due to notice required for eviction. I enquired with Natwest about having to convert the mortgage to a BTL for a few months, and then having to change it back to residential once we moved in.

Their mortgage centre said not to bother and just reapply for consent to let, which he near enough guaranteed me getting with no problems, and move in when we are ready.

It takes a weight off my mind, but also helps with the bills should moving take longer and I rent the property out for longer than expected.

bikeman17

When I got my CTL from Natwest, they told me the consent will last for duration of the mortgage term.

I am not sure if they mean when you renew after your fixed term ends or if you continue on to their svr (i regret not asking them)

Can someone here clarify this?

missrlr

OK here is my experience:
residential mortgage fixed term with consent changing to another residential fixed term with consent WITH SAME PROVIDER no issues
(My provider was NOT Natwest so different providers have different options)
Change provider = not possible have to go to BTL unless you are e.g. forces personnel or have another job where you have to be away from the UK for long periods of time.
I have tried every high street bank, and 3 WoM brokers and 2 independent brokers plus 1 tied broker. The answer is the same. I did this research this week.
So phone current lender and see what the residential deals are or wait for them to contact you (usually 3 months in advance) then check out BTL options - I have a very good deal with lower fees than some of the residential options available and lower fixed rate (although not as low as I could have got if it was a residential mortgage).
But please do your own homework, my situation is not the same as yours.

cpdc1030

Very interesting comments, missrlr, and very timely.

Today in the post I received a letter from NatWest - "Your current mortgage deal ends soon - act now to enjoy great rates". And on the reverse they list a whole bunch of residential (not BTL) mortgages. Very tempted to get the 5yr fix at 3.89% with no fee - blows any BTL right out of the water.

So either they've overlooked the fact that I'm on Consent to Let, or they don't care and are happy to offer me residential mortgage rates.

Am I under any obligation to "remind" them that I'm on consent to let, or is that now beyond my responsibility?

Let_Us_See

I think you will find today's letter was purely "time triggered" by lender's sytem. At some stage a human will review your mortgage and realise you have along term CTL. Very unusual for any lender to keep rolling-over CTLs.

Thrugelmir

cpdc1030 wrote: »

So either they've overlooked the fact that I'm on Consent to Let, or they don't care and are happy to offer me residential mortgage rates.

Am I under any obligation to "remind" them that I'm on consent to let, or is that now beyond my responsibility?

Unless you request an extension then mortgage returns to residential basis, i.e. they expect you to reoccupy the property.

Onus is on you to advise the lender otherwise.

Does this answer all your questions?

cpdc1030

Thrugelmir wrote: »

Unless you request an extension then mortgage returns to residential basis, i.e. they expect you to reoccupy the property.

Onus is on you to advise the lender otherwise.

Does this answer all your questions?

It doesn't say anywhere in the terms and conditions on my consent to let that this would happen.

And why would they be writing to me at my correspondence address which is not the property address, if the offer was not targeted to me? I don't understand how NatWest's assumption would be a change in circumstances, rather than the status quo.

Anyway, I am going to go ahead with this and wait for the official paperwork to come through, and examine the small print before deciding.

cpdc1030

UPDATE - Spoke to NatWest Verbal Confirmation team (negotiator). They confirmed that my consent to let is unaffected by signing up for the new deal.

Hello 5 yrs at 3.89%, no fees, and £100 cashback

Thrugelmir

cpdc1030 wrote: »

It doesn't say anywhere in the terms and conditions on my consent to let that this would happen.

That's because CTL was only granted for a limited time frame.

CTL is not a long term lending arrangement. Never has been.

Read your full mortgage T&C's. CTL is granted at discretion of lender.