Getting consent to let

timsmith2

Hi,

I'm starting a new job which will involve moving, but the value of my flat has not fared well in recent economic times and selling now would involve at least losing my original deposit and even selling for less than what I've borrowed.

I'd like to get consent to lease but have heard some horror stories such as having problems with the bank just for enquiring.

My mortgage is with Halifax, and is now around 100%LTV as earlier stated. I have a very stable and secure career in the NHS currently earning in the mid 30s with good scope for career progression, and no other debts. Rents in my area for my flat would easily cover my mortgage payments.

Can people perceive any problems I might face, and is there anything I can do to improve my chances of success?

Thanks,

Tim.

HappyMJ

You will not have problems just for enquiring.

You need to get your share of the equity higher which will possibly mean supplementing the rent with some of your own cash.

Do you really want to be a landlord? Selling up may be an option. It has been forecast by some that house prices may remain stagnant for many years. Would you also be willing to rent in the area you are moving to? Could you afford to?

amnblog

Halifax are pretty good on this

If you are a mortgage product, they will allow the product to run it’s course on a consent to let basis.

If you are on their SVR they will ask you to take a consent to let product.

kingstreet

Yep, as AMN said, if you are on a fix or other product, they'll give you initial consent until it ends.

Then, you'll be required to switch to one of its CTL products, typically a three year fix at 5.49% with £999 product fee, in return for a three year consent period.