Platform/Co-op- Refusal to give consent to lease

pumpkin99_2

Hi everyone,

My partner has been offered an exciting new job in Kenya and we want to go and live there in approx 6 weeks.

I have a residential mortgage with Platform/Co-op and have had this since May 2013 but I have had the property for over 7 years and remortgaged recently to get a good fixed 5 year rate.

I called Platform to inform them that I wanted to look into renting out the property and they told me they will not even consider this until I have had the account 12 months (May 2014).

Has anyone had an experience of Platform saying no? I chatted with my mortgage advisor before I took out the mortgage and said we were looking to go overseas soonish, he assured me there'd be no problem and no they've said no! Help! thank you

[Deleted User]

You'll get a better response if you ask the Mods to move this to the mortgage boards.

_Andy_

"Has anyone had an experience of Platform saying no?" - why would that change the answer Platform gave you?

agrinnall

I think you will need to take out a BTL mortgage if you can't get CTL, as nobody else is going to give you a residential mortgage knowing that you wish to start letting in a few weeks. Will Platform (whatever they are) / Co-op allow you to convert from residential to BTL? If not then you're going to be stuck with whatever early redemption fee your current product has plus fees for the new BTL. It's also likely to be tough to organise in such a short time, is it possible for your partner to travel to Kenya first while you remain behind to sort things out?

pumpkin99_2

thanks for your responses... I feel annoyed that my mortgage lender sold me this mortgage as I would have stuck to my existing Woolwich deal and converted that to BTL had I of known this would happen.
Hopefully I can reason with them and will ask about a BTL deal.
I was curious to know if anyone else has had problems getting CTL with Platform (mortgage division of the Co-operative Bank).
thanks

sebo0607

Hi

Did Platform / co-op actually sell you the mortgage or did you apply via mortgage broker?

If you clearly told the adviser that you were planning to move abroad then they should have considered this as part of the mortgage sale. Therefore, you should take this up with the mortgage adviser company as you may have been miss-sold.

roonaldo

pumpkin99 wrote: »

I was curious to know if anyone else has had problems getting CTL with Platform (mortgage division of the Co-operative Bank).
thanks

BTL usually have higher rates that residential, no lender was going to give you a residential mortgage knowing you will be letting in 2-3 months, which is why they wont consider it for a year.

Its hard to see why you are annoyed with Platform, when its you thats changed the goal posts. They probably think your mortgage application was false and you always intended to rent instead of live there so you get a better rate.

You could try and persue the matter and get them to agree the consent to let. They would be in a better position if they came to resposessing having granted consent so in a way they would actually be better off agreeing to it than not.

pumpkin99_2

Thanks everyone. Roonaldo, I didn't say I was annoyed at Platform, but at the mortgage advisor as he did know my scenario and assured me the CTL wouldn't be a problem with Platform.
I'm just curious to know if anyone has had experience of Platform being reasonable and taking individual circumstances into account and with permitting to let. I've written to them explaining my situation, fingers crossed! I don't want to be in a position of paying 2 lots of rent & mortgage for the next 8 months....

bigadaj

pumpkin99 wrote: »

Thanks everyone. Roonaldo, I didn't say I was annoyed at Platform, but at the mortgage advisor as he did know my scenario and assured me the CTL wouldn't be a problem with Platform.
I'm just curious to know if anyone has had experience of Platform being reasonable and taking individual circumstances into account and with permitting to let. I've written to them explaining my situation, fingers crossed! I don't want to be in a position of paying 2 lots of rent & mortgage for the next 8 months....

Little chance this will work out for you, only option is likely to be paying the early repayment charges and re-mortgaging onto a buy to let product.

You may have a claim against your broker if he knew this was possible, however why would you ever choose a five year fix product if you thought you might be moving in the near future?

Only possibility would be to raise as a formal co,plaint with your broker, however mortgaging onto a five year fix two months ago and looking for consent to let looks bizarre to me.