Consent to let then try for another residential mortgage

carslet

do you know if this is possible or legal ?

I would like to buy another house but not really sell the one I have at the moment.

I am with the woolwich , so could I get consent to let then, apply for a residential mortgage. i have only had the mortgage for 14 months.

then after the period of CTL is up maybe switch it to a BTL or sell it or possible move back in.

Do i have to inform them of my intentions about applying for another residential mortgage or just ask them for CTL and say it is for work or family reasons
thank you to any help on this

ACG

Call them, ask then the process for getting CTL - it may included an increased interest rate or a fee or both.

Your then free to look for a new property knowing you wont have any issues with your current property.

It is consent to let - so its nothing they have to agree to. In which case you may find you have to pay the ERC's and transfer to a BTL mortgage.

kingstreet

Where's the deposit for the next one coming from?

Many lenders restrict the maximum loan to value on a second property to perhaps 80% to 85%.

You'll also need a lender willing to ignore the let property/mortgage in the background, if you don't want the cost deducted from your income for affordability reasons.

Last thing.

Do you really want to be a landlord?

carslet

kingstreet wrote: »

Where's the deposit for the next one coming from?


Many lenders restrict the maximum loan to value on a second property to perhaps 80% to 85%.

You'll also need a lender willing to ignore the let property/mortgage in the background, if you don't want the cost deducted from your income for affordability reasons.

Last thing.

Do you really want to be a landlord?

i already have enough in the bank for another deposit.

i was thinking 75% LTV if i did try for another.

i know i would need them to ignore the other property in the background, do many lenders do this or not?, if the property was being let out for more than the mortgage cost, would be about 150% of the mortgage cost.?

and yes i do want to be a landlord, (i think)