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wanting to rent out house but mortgage lender (platform) refused consent to let-help!

pumpkin99_2
Posts: 6 Forumite
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 now they've said no! I don't now what to do. Any advice or experience of dealing with Platform would be gratefully received. Thank you
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 now they've said no! I don't now what to do. Any advice or experience of dealing with Platform would be gratefully received. Thank you

1
Comments
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Did you ask your advisor about consent to let within twelve months of completion?
Many lenders will not grant consent within six to twelve months of the mortgage completion date and specific questions should have been asked if this was a realistic prospect.
As this is only around three months from completion, there appears to have been a real prospect of consent being needed quickly and lender selection should have considered this more closely.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 -
FWIW I would have specifically mentioned this in my suitability report if I was asked about consent to let within a specific short-timescale after completion.
I suspect the OP asked about consent to let but did not frame the question specifically enough to get the correct answer.
What does your sale documentation say, specifically the suitability report and/or factfind?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 -
Wow, that was a lot of "specifically"s.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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thanks for all your responses, it's much appreciated. My mortgage advisor has told me he did broach the consent to let issue with Platform and there was not going to be a problem, but this was back in January and their policies appear to have changed on this now.
does anyone know how easy it will be to convert this to a BTL mortgage and how much it is likely to cost to do so? I know I'll need to pay the redemption charges on this for doing so.
Letting it out without consent is NOT an option as I would worry about my insurance polices etc. and I will not be in a position to keep an eye on the property.
However, if they will not allow me to let it in some form or other, then I will have to leave it vacant for approx 8 months which I'm sure invalidates insurance too- not to mention costing me a fortune!
any further insights would be gratefully received- thank you0 -
What is the value of the house and also of the mortgage?0
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I used to work for co-op mortgage - who are actually completely seperate to platform so what im saying may not be correct but at co-op if you took out a mortgage and applied for CTL within 3 months it did get frowned upon.
That being said, as kingstreet has said i would check what your documentation says and also check with the lender whether or not their stance has changed.
If you had the conversation and your broker was in the know, then they have cost you a lot of money either in early repayment charges and arrangement fees for the BTL OR in a void period where the property is not rented out. I would be speaking to my broker about this as if an application was made with one set of rules and completed under another then i would be arguing that they should honour it as the question was asked and i would be getting my account manager involved if needed.I am a Mortgage AdviserYou 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.0 -
Thanks ACG, that's good advice, much appreciated. I'm going to go back to the broker as I do feel I have been sold the wrong mortgage as he was clear on our situation and the very strong possibility that we would be moving overseas and therefore seeking CTL.
Yorkie1, the value is -approx 290k and the mortgage amount is approx 168k.
Thanks again0 -
Try to get your broker to confirm in email that the matter was discussed - this avoids him denying it later down the line.
Going off what you have said, it does sound like he hasnt taken your circumstances into account. I cant comment on platform specifically, but co-op/britannia did redo their full underwriting towards the back end of last year although as far as CTL goes, you wouldnt have been covered under the old or new underwriting guidelines. Platform may be different i cant say for sure but i dont know many lenders who would allow CTL within 3 months.I am a Mortgage AdviserYou 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.0 -
Did you ask the broker about consent to let within three months of completion, or a more vague question about consent to let in general?
This will determine the outcome, IMHO.
I would give totally different answers to each one, myself.
... and why Platform? I've found no reason to use them in the last ten years...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 -
There's nothing to stop you from re-mortgaging for a buy to let deal but a fixed term mortgage deal will have a fee attached to it against paying it off. Usually a percentage of the mortgage; this fee will probably be on your mortgage statement.Experience is simply the name we give our mistakes (Oscar Wilde)
If you tell the truth, you don't have to remember anything (Mark Twain)0
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