a way round buy to let?

want2bmortgage3

is it possible to just get residential mortgages on 2 year deals, and immediately obtain consent to let for 2 years?

after the 2 year deal, re-mortgage on another 2 year deal and do the same again?

this means you wouldn't need a buy to let mortgage, and anybody could do it without having to have their own residential mortgage first?

hamster2013

its a risk - as lender is not obliged to give consent to let.

do try and let us know .... would be an amusing story i'm sure when you start a new post about how your lender are the worst lenders in the world because they refused you consent to let

Dave_Ham

Unfortunately this is a reckless strategy/idea, as whilst they have made some mistakes lenders are not fundamentally stupid.

Consent to let is there to allow for an unexpected, significant change in circumstances and not for the commercial gain of clients on residential terms.

Back to the drawing board - good luck

mrginge

So if we assume you get the first residential mortgage and immediate consent to let (unlikely), what will you tell the second lender when you come to remortgage?

Are you going to tell them you live in it?
Will you have a second mortgage on your 'real' home?

want2bmortgage3

I would tell them I live in it, and I am suggesting that my own residence would be a lodging or renting somewhere else.

antrobus

For some reason, and I'm not quite sure why, the phrase 'fraud by misrepresentation' springs to mind. So it is not a course of action I would recommend.

Dave_Ham

want2bmortgage3 wrote: »

I would tell them I live in it, and I am suggesting that my own residence would be a lodging or renting somewhere else.

Which home would you be on the voters roll and which one would you have your personal bank statements going to?

Lenders can also view any re-directs on post

Yorkie1

I've just looked back through all of your threads over the last few months.

You already have a 2-bed flat which you rent out, and say that you have CTL on it, but that you haven't told people your actual current residential correspondence address.

You've been thinking about turfing your tenants out and letting rooms out to friends / lodgers.

You've also been thinking about buying a 3 bed house and letting rooms out to lodgers.

Or to let your tenants stay until they choose to leave.

What's changed since these different plans, and particularly this (post 28) with regard to your existing flat?

_Andy_

want2bmortgage3 wrote: »

is it possible to just get residential mortgages on 2 year deals, and immediately obtain consent to let for 2 years?

after the 2 year deal, re-mortgage on another 2 year deal and do the same again?

this means you wouldn't need a buy to let mortgage, and anybody could do it without having to have their own residential mortgage first?

No. No it isn't.

Simon_gloster

I can't comment or I'll end up in court.

mrginge

want2bmortgage3 wrote: »

I would tell them I live in it, and I am suggesting that my own residence would be a lodging or renting somewhere else.

Well you're a bit simple then.