First Direct consent to let 2013 - no chance?

jimnastics

My wife and I have just had our first child and, having previously thought we could make do in our 2 bed flat, we were obviously being a bit optimistic (I work from home so room 2 is an office).

We would like to hang on to the flat as an investment, as it's a great little place in a great location. Our mortgage until May 2014 is just 1.99% fixed, having benefited from the Bristol & West fallout. The flat is valued at £150,000, we have about £30,000 equity in it. Or mortgage is about £500p/m. Advice from local letting agents suggests we could get £750 to £800p/m if we let it out.

Obviously we'd be keen to stay on the current mortgage if we can, and profit from the letting. Unfortunately, we're with First Direct, who I understand are very tight with their consent to let policy. Can anyone offer any advice before I phone them? Anything I should say to them to try and persuade them?

Let_Us_See

Why should they grant your request when you are only trying to protect your rate of interest? Perhaps you should discuss your porting options instead!

kingstreet

It was my understanding that FD did not grant consent to let under any circumstances as a matter of policy. However, a recent thread suggested a borrower had successfully obtained consent.

A search may yield a definite answer.

_Andy_

Ring them and ask

JQ.

Do you already have the deposit for a new house?

Presumably with a new BTL mortgage on the flat, you'll need to inject more equity as you're currently at 80% LTV, assuming a pessimistic valuer agrees with your £150,000 valuation.

Greenfrog

Did you have any luck with this? I have the same dilemma.

_Andy_

Greenfrog wrote: »

Did you have any luck with this? I have the same dilemma.

Have you rung your lender and asked?

kingstreet

Greenfrog wrote: »

Did you have any luck with this? I have the same dilemma.

The OP has not been back since asking the question, so don't hold your breath!