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

cpdc1030

Thrugelmir wrote: »

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.

My consent to let agreement does not have a fixed time frame. It is "at the lender's discretion". Their mortgage negotiator confirmed in a recorded phone call that my consent to let is still in place, and that they had no problems with me signing up for the 5 year fixed rate problem.

What more am I supposed to do?

Thrugelmir

cpdc1030 wrote: »

What more am I supposed to do?

Then the consent will remain in place for at least the duration of the product term.

To impose a change of terms would be unfair in the interim period. .

Let_Us_See

I'd keep the champagne in the fridge until I received a copy of the new offer.

bikeman17

cpdc1030 wrote: »

My consent to let agreement does not have a fixed time frame. It is "at the lender's discretion". Their mortgage negotiator confirmed in a recorded phone call that my consent to let is still in place, and that they had no problems with me signing up for the 5 year fixed rate problem.

What more am I supposed to do?

Mate did they ask you any questions re the property you have out oin let i.e. how muc longer, future plans etc?

I will be in the same position next may, my consent is for duration of mortgage term but dont want to lose the consent when my fixed rate expires.

Thrugelmir

bikeman17 wrote: »

Mate did they ask you any questions re the property you have out oin let i.e. how muc longer, future plans etc?

I will be in the same position next may, my consent is for duration of mortgage term but dont want to lose the consent when my fixed rate expires.

Then have alternative plans ready. To cover any eventuality.

Hanging onto a property at any cost. May not not be the most commercial of decisions. Treat the property as a business not an investment.

bikeman17

Thrugelmir wrote: »

Then have alternative plans ready. To cover any eventuality.

Hanging onto a property at any cost. May not not be the most commercial of decisions. Treat the property as a business not an investment.

Just spoke to a broker with strong relationship with the lender,he said the lender will allow you to renew as normal and keep the CTL agreement in place so theres no worry. The CTL is for mortgage term which is 35 years. He said I would have to notify them only when I move back in.

Hope this helps anyone with doubt but i would suggest you speak to your bank directly.

Thrugelmir

bikeman17 wrote: »

Just spoke to a broker with strong relationship with the lender,he said the lender will allow you to renew as normal and keep the CTL agreement in place so theres no worry. The CTL is for mortgage term which is 35 years. He said I would have to notify them only when I move back in.

Hope this helps anyone with doubt but i would suggest you speak to your bank directly.

Then I would switch broker very quickly in your position. As this is total nonsense.

owitemisermusa

cpdc1030 wrote: »

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

Consider yourself very lucky/blessed (or both)!

My lender would not let me get any product other than a BTL. Allowed to stay on their SVR though, the only upside.

If I have to go BTL, would probably try to sell the house.

Congrats man, though as someone else said, wait till you have official papwerwork.