We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Consent to Let Re-Mortgage
yellowpollycat
Posts: 32 Forumite
Hi, hope you can help. I've been offered a temporary 12 month relocation secondment with my employer and would like to rent my property out for this period (or longer if it works out).
I won't be reliant on the income from the property to pay the mortgage as the company is funding the relocation costs.
I realise I will need consent to let but I am on a high fixed rate at the moment (5.29%) and the blurb states that a further 1% will be added, making it 6.29!
I have about 38% equity - the mortgage is £110k, the house value is £175k.
Can I get a re-mortgage and consent to let at the same time? A BTL mortgage isn't an option (is it?) as the rental income is considerably lower than the current mortgage payment.
Advice would be most welcome, thanks
I won't be reliant on the income from the property to pay the mortgage as the company is funding the relocation costs.
I realise I will need consent to let but I am on a high fixed rate at the moment (5.29%) and the blurb states that a further 1% will be added, making it 6.29!
I have about 38% equity - the mortgage is £110k, the house value is £175k.
Can I get a re-mortgage and consent to let at the same time? A BTL mortgage isn't an option (is it?) as the rental income is considerably lower than the current mortgage payment.
Advice would be most welcome, thanks
0
Comments
-
It is very unlikely you willl get consent to let on a residential remortgage.
Work this out;-
rent = at least 125% of monthly mortgage interest assuming 6% per annum.
Is it enough for the amount you need to borrow?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 -
Hi thanks for your quick reply - I'm not looking to borrow anything additional and can keep the existing mortgage payments up as my employer is funding the relocation costs (it is abroad).
Are they likely to refuse consent to let despite this?0 -
The formula is to tell you if a buy to let remortgage is an option if continued consent to let is refused.
The amount you need to borrow, is what you owe now.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards