Consent to let - Santander

Faceman98

I've looked back at old threads and I know people have discussed this one before; I am on a flexible residential offset with Santander at 0.49% above base rate; so currently 0.99%

I moved to London for work and couldn't do a commute but was worried that Santander would charge me silly money so I decided to take the risk and not tell them. That was in 2011.

Anyway, I'm looking to legitimise it now... basically carry on letting it but with consent to lend. I understand the risks I've taken until now in terms of the place burning down, etc.

Does anyone have any recent experience or have any advice as to how I go about doing this? I am looking to buy a new home closer to London so no doubt my new lender will ask to see the 'consent to lend' confirmation.

The current details are these:
Property value £275,000
Mortgage outstanding: £140,849
Interest only monthly payment: £116.20
Monthly rental income: £850

I've seen a new build flat and I have 15% deposit... nightmare! Worst case scenario I sell the existing place (which I really don't want to do).

Help please!

kingstreet

I can only think of two lenders who will do 85% on a newbuild flat and they will want a copy of the CTL letter and/or copy of the tenancy agreement and evidence of rent receipts from bank statements.

Can't tell you about Santander and getting the CTL.

Faceman98

Tenancy agreement and bank statements I have... I wonder if it's worth me applying early to test the water and see what docs they will require. I guess I could be lucky and they don't request CtL?

I know Accord will do it via a broker... is 6 months before completion stupidly early?

kingstreet

You have to meet the builder's deadline for exchange of contracts, usually within 28 days of reservation.

Six months from build finish is the earliest we would apply.

eeyoreworld

I'm on the same deal with Santander, they have given me permission to let for the remainder of the mortgage term and it cost me 1% of the flexible limit (not outstanding balance) they also gave me 3 other cheaper options which included a 2 year consent or a new rate. I went with the 1% as have 9 years left.

Consent to let was done in march and we have our offer and are waiting exchange and completion now on our new residential. CTL was all quite painless, phoned them, they passed request to team, letter arrived around 3 weeks later with costs and options, signed one copy and sent back with cheque and CTL came about 2 weeks later.