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Santander remortgage - cooling off period
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As requested, when does your consent to let end?
It's not beyond the realms of possibility they will refuse to renew it when it expires.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 -
kingstreet wrote: »As requested, when does your consent to let end?
It's not beyond the realms of possibility they will refuse to renew it when it expires.
KS I don't quite understand you? I'm going to rent it out. Truth be known I have a tenant already lined up.0 -
So, you don't actually have the property let now?Tricky69eng wrote: »KS I don't quite understand you? I'm going to rent it out. Truth be known I have a tenant already lined up.
In which case, you now need to request consent to let. TBH you should have obtained this before you agreed a new deal. I don't know what Santander requires for consent, but it may be a fee, a higher rate, or both, as some lenders do.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 -
Consent incurs a flat fee of £299 except flexible products which have their rate loaded by 1%I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
I don't hope you have not taken a flexible Santander productI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
It sounds as though the OP doesn't realise that he needs to ask Santander for permission to rent out his house given that he doesn't have a BTL mortgage..?0
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As I suspected, a bad situation getting worse.
When you call Santander, the first minute of their message is about how they are not providing advice and the responsibility is yours. They will not change their stance on this so time to take a difficult decision regarding ERC's I think..I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
So you changed your residential mortgage product with santander, now you have found a better deal thats a BTL elsewhere? You have already agreed to the deal and 14 day period has passed, so its irrelevant if the new rate hasnt taken affect yet. How are Santander in the wrong and what do you expect FOS to change about that?
You also need to apply to Santander for permission to let.0
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