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Consent-to-Let and Sabbatical?
mrsteveo_2
Posts: 7 Forumite
I know the answer will vary from lender-to-lender, but if an opportunity comes up to take a 6-month Sabbatical, is it possible to get a consent-to-let, or is that only for people shifting house and staying in the UK?
Currently going through buying a flat but would like to take a sabbatical for a short period in a year or so, wondered if others had experience? Lender I'm looking at is Yorkshire BS/Accord who have told me its only £100 admin fee and no increase in % if I have over 25% equity (which I will). But the woman on the phone seemed clueless about whether it could apply to sabbaticals and couldn't find anyone who could tell me.
Currently going through buying a flat but would like to take a sabbatical for a short period in a year or so, wondered if others had experience? Lender I'm looking at is Yorkshire BS/Accord who have told me its only £100 admin fee and no increase in % if I have over 25% equity (which I will). But the woman on the phone seemed clueless about whether it could apply to sabbaticals and couldn't find anyone who could tell me.
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Comments
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You are moving out and renting for six months so need consent to let. No one is going to ask you what you are going to do with your time.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Why bother to purchase. Letting a property for just 6 months may not be that easy. Also you are dependent on the tenants vacating.
Is the rent intended to cover the mortgage? What if the tenants default on payment. Do you have a plan b.0 -
Thrugelmir wrote: »Why bother to purchase. Letting a property for just 6 months may not be that easy. Also you are dependent on the tenants vacating.
Is the rent intended to cover the mortgage? What if the tenants default on payment. Do you have a plan b.
Thanks for your comments.
1. Every rental agreement I've ever had has had a 6-month break clause which could be exercised by both renters and landlord, so not sure why I'm dependent on the renters moving out. I would make it clear from the outset that it was a 6-month let.
2. I will leave sufficient savings to cover the mortgage for the 6 months anyway (I do get paid reasonably well and have a lot saved that I won't include in the deposit). The flat is is a sought-after area so I'm not actually that worried about tenants defaulting on a payment. The Agency will collect one month as bond anyway so they will be out if they don't pay, and little difficulty around Shoreditch in London to find new tenants quickly.0 -
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