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Halifax Consent to lease

edge67
Posts: 1 Newbie
Hi,
Looking for some advice.
My wife and I are currently trying to move house but are finding it very difficult to sell our home. We've started thinking about letting out our current home in order to move. At the moment we're on the Halifax standard variable rate. I'd guess our LTV will be between 100% and 120%, as we bought the place in 2007, before the slump in prices. From reading other posts on this forum it seems that Halifax will put us on a 3 year fixed rate at 6.19% and add £1500 to our mortgage? Is this correct?
I've noticed on the Halifax website that we can switch to a 4 year fixed rate at 4.49%. Would we be better switching to this deal, then getting the consent to lease? Will Halifax allow us to stay on the 4 year deal at the lower rate when they give us consent to lease?
Thanks in advance
Looking for some advice.
My wife and I are currently trying to move house but are finding it very difficult to sell our home. We've started thinking about letting out our current home in order to move. At the moment we're on the Halifax standard variable rate. I'd guess our LTV will be between 100% and 120%, as we bought the place in 2007, before the slump in prices. From reading other posts on this forum it seems that Halifax will put us on a 3 year fixed rate at 6.19% and add £1500 to our mortgage? Is this correct?
I've noticed on the Halifax website that we can switch to a 4 year fixed rate at 4.49%. Would we be better switching to this deal, then getting the consent to lease? Will Halifax allow us to stay on the 4 year deal at the lower rate when they give us consent to lease?
Thanks in advance
0
Comments
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I wouldn't advise switching to another residential product in the hope they might give you consent to let shortly after.
No experience in asking Halifax for consent to let but the best thing you can do is phone them tomorrow and inform them you are considering relocating and given the lack of success you've had in selling you wanted to enquire about letting for a short period (make sure you say it's only a short term plan).0 -
If you do the product transfer before you request consent to let, they will allow you to see out that product period before they require you to move to a formal CTL product.
What you have described is EXACTLY what our Halifax BDM told us to do if we got clients in your situation.
Similar recent thread;-
https://forums.moneysavingexpert.com/discussion/comment/51667055#Comment_51667055
Remember though - you're stuck in the new rate for four years, or a hefty penalty is payable.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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