Switching a residential mortgage to allow for letting?

MaxTuc

Does anyone know the time period before you can apply to let the property you have a residential mortgage on?
I have a mortgage with Natwest so anyone that has done it with them i would appreciate some input, also what was involved? I've heard of a fixed admin fee etc.

Thanks

Yorkie1

How long have you had this particular mortgage product?

Are you still in a fixed period (e.g. fixed interest rate or fixed tracker rate)?

holly_hobby

You will be applying for Consent To Let, designed for accidential landlords, with a general max overall term of CTL circa 3 yrs (varies between lender).

Time frame - generally at least in excess of 6 mths from mge commencement, but it really depends upon the lender and basis of why you will be temporarily leaving and letting the property.

Each case is differnet, and your lender may not agree (no matter what timeframe you 've been with them), if they do there will be an admin fee, which again will vary between lenders, and a possible rate loading, and as I say the CTL arrangement will be reviewable.

If they refuse, do not let without consent ... you'll be in breach of your mge T&Cs, and your blds ins will be invalidated.

Instead, you'll need to remortgage on to a BTL mge.

Your best bet is to give NW a quick phone call to see what your options are, and then pop back if you want to discuss anything further.

Hope this helps

Holly x

GMS

If you apply for consent soon after completion then this may well flag issues to the lender.

Consent is not a right. No need for the lender to grant it and if they don't you would need to remortgage to a Buy to Let and pay any fees due as part of the mortgage contract entered in to originally.

How long has it been? Why do you need to let the property now?