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Mortgage issue - please help !
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totally_confused80
Posts: 2 Newbie
I have a fixed rate that ends in the next couple of months. I have been contacted with a proposed new fixed rate that I can reserve that will commence immediately after my current one expires (i.e. in a couple of months time)
However, in September I need to move away for two to three years and would need ' Consent to Let' for that period. I intend to moving back. I have spoken about this in principle with my lender previously and they have confirmed it should not be a problem (i.e no arrears etc and it is a matter of paying the fee for Consent to Let). Any fixed rate would continue until the end of the period and would then revert to a different rate.
If I were to reserve the new fixed rate and then applied for Consent to Let in a few weeks time, would the lender continue to let me have the fixed rate (to run after my current one expires) or could they withdraw the new reserved fixed rate?
I hope someone is able to advise me and thank you in advance for any help!!
However, in September I need to move away for two to three years and would need ' Consent to Let' for that period. I intend to moving back. I have spoken about this in principle with my lender previously and they have confirmed it should not be a problem (i.e no arrears etc and it is a matter of paying the fee for Consent to Let). Any fixed rate would continue until the end of the period and would then revert to a different rate.
If I were to reserve the new fixed rate and then applied for Consent to Let in a few weeks time, would the lender continue to let me have the fixed rate (to run after my current one expires) or could they withdraw the new reserved fixed rate?
I hope someone is able to advise me and thank you in advance for any help!!
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Comments
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Your lender can answer this better than anyone here.I am a Mortgage AdviserYou 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.0
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How can we possibly answer this?totally_confused80 wrote: »If I were to reserve the new fixed rate and then applied for Consent to Let in a few weeks time, would the lender continue to let me have the fixed rate (to run after my current one expires) or could they withdraw the new reserved fixed rate?
You assume all lenders act in the same way (but they don't) and you don't actually tell us which lender your mortgage is with...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 -
Your lender can answer this better than anyone here.
The person I spoke to said Consent to Let would not be a problem during the course of a fixed rate. However, I was under the misapprehension that the new fixed rate would take effect immediately. However, it transpired that the new rate runs on from after the current rate ends (in a couple of months time)
I wondered whether if I fixed it and moved before the new rate effectively started, whether it would be an issue.0 -
Lenders could well add a loading to the product that you are on. Say a 1% or 1.5%. It's there prerogative.0
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