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Renting without a BTL mortgage
TriggerCut92
Posts: 76 Forumite
Recently purchased a property about a month ago on a residential mortgage as I've been living there. It's great and I love the place but my work circumstances have changed. I need to move to London for an initial 6 months and probably more.
I know you usually have to wait 6 months before obtaining a consent to lease but do you think there is any way they would do this sooner? I really don't want to have to sell the property
Even if they didn't give me one what would be your advice about just renting it out without a consent to lease? This is really a last resort but I would be struggling to keep up payments on the mortgage without an income source from it.
Thanks guys
I know you usually have to wait 6 months before obtaining a consent to lease but do you think there is any way they would do this sooner? I really don't want to have to sell the property
Even if they didn't give me one what would be your advice about just renting it out without a consent to lease? This is really a last resort but I would be struggling to keep up payments on the mortgage without an income source from it.
Thanks guys
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Comments
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What answer did you get when you asked them? Different organisations have different rules.
If you break the terms of your mortgage they have the power to repossess: it has happened.0 -
Only your lender can tell you if they will give consent to let. They will have certain critrea if they approve or not anyway, LTV, income, mortgage payments on time etc.
Its not advisable to let your property out without consent and this would breach the terms of your mortgage.
You could get 1 or 2 lodgers in if your place is big enough and hopefully cover the costs that way if they refuse consent to let.
You wont be able to sell it to someone who needs a mortgage until 6 months anyway.
Good luck"Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
theartfullodger wrote: »What answer did you get when you asked them? Different organisations have different rules.
If you break the terms of your mortgage they have the power to repossess: it has happened.
Any examples of that happening?Thinking critically since 1996....0 -
theartfullodger wrote: »What answer did you get when you asked them? Different organisations have different rules.
If you break the terms of your mortgage they have the power to repossess: it has happened.
I haven't asked them yet. The mortgage is with Halifax. If I ask now and it gets rejected can that affect my chances of getting consent when the 6 months is up?0 -
http://www.halifax.co.uk/mortgages/mortgage-information/letting/
If you apply now, they will reject you unless you are in the armed forces, so probably no point in applying until you have been there for 6 months.
Whats your LTV?"Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
Foxy-Stoat wrote: »
If you apply now, they will reject you unless you are in the armed forces, so probably no point in applying until you have been there for 6 months.
Whats your LTV?
LTV is 75%. House was 60k and put 15 down.0 -
You shouldn't have a problem after the 6 months is up then. If you look at what happens if you don't have permission though, doesn't seem that serious does it !?"Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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Foxy-Stoat wrote: »You shouldn't have a problem after the 6 months is up then. If you look at what happens if you don't have permission though, doesn't seem that serious does it !?
Doesn't actually seem that bad tbh. Thanks very much.0 -
If they find out you have rented without consent to let and done so within such a short time of buying the property they may take the view that you fraudulently applied for a residential mortgage.
They could call in the mortgage.
They could put you on the national hunter database
Whether they would or not and whether you want to take that risk is another matter.0 -
somethingcorporate wrote: »Any examples of that happening?
I remember reports of this happening, I think in Scotland (no I don't think different laws made any difference) but can't find the case..0
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