Consent to let dilemma

Sarah05

I have a big dilemma. I wish to get “consent to let” from my mortgage provider. I know it won’t be that difficult to get one but rate of interest would shoot up quite drastically. Now, I have been told by a friend of mine that if I remortgage first and enter into a fixed rate product then for the period of that fixed rate tenure I will not be charged the consent to let rate. Which in effect means that I will get the consent to let from the mortgage provider and still be paying a lower rate of interest. Is that correct? Can you please throw some light on this?
Regards
Sarah

Thrugelmir

Which lender do you hold mortgage with? As lenders operate different policies.

GMS

What happens if you tie yourself into a fixed rate and they refuse consent?

You would then need to pay to come out of the mortgage and remortgage to a Buy to Let provider.

Sarah05

I have spoken to them about consent to let. It seems a simple process and they asked me a few questions on the phone on the basis of which they make the final decision. Questions like have you ever skipped a payment etc etc. Looks like getting that wont be a problem. I just want to know if this can work?

nidO

As Thrugelmir has asked, a key question is which lender you're with. Your friend's statement is wrong for many lenders who will charge an addional interest rate regardless of whether you're in a fixed deal period or not.

Sarah05

Sorry, didn't see that reply earlier. I am with Halifax.

kingstreet

See post #10;-

https://forums.moneysavingexpert.com/discussion/comment/63782773#Comment_63782773

Sarah05

Many thanks Kingstreet

Sarah05

Hi Kingstreet

I would need a 90 percent LTV. Are there any other banks who have the same policy as Halifax as Halifax haven't got any 90 percent deals for remortgaging.

Simon_gloster

From their website they offer 4.39% up to 120% LTV on a 4 yr fix for a product transfer Oh dear !!!

kingstreet

Sarah05 wrote: »

Hi Kingstreet

I would need a 90 percent LTV. Are there any other banks who have the same policy as Halifax as Halifax haven't got any 90 percent deals for remortgaging.

If you remortgage while the property is let, you will have no alternative but to remortgage to a buy to let product/lender and there is none lending at anywhere near 90%.

Consent to let is only available to those with an existing residential mortgage with their existing lender when they need to let the property, perhaps for work reasons.