Consent to let on residential mortgage?

yorkshire_lass_2

I am currently almost half way through a 2-year fixed rate mortgage with Nationwide. Due to a change in circumstances (personal not financial), I need to consider options to let the property for the remainder of the fixed term - at the end of which I will either move back into the property, continue to let it, or sell it.


I understand I can ask them for consent to let under my current mortgage. What are the circumstances under which they might agree to that?


If they won't give me consent to let, what is the likelihood of them allowing me to switch to a buy-to-let mortgage (Nationwide's partner buy-to-let mortgage provider is the Mortgage Works) without enacting the early redemption penalty on my current mortgage, which is significant?


Any advice gratefully received.

kingstreet

CTL is normally granted at a 1.5% increase in the rate, following an initial six months on current rate.

A remortgage to TMW will see any ERP payable to Nationwide, so CTL is your best bet.