Concent to let time / buy to let

saifulwood

I have a Santander mortgage for the last 7 year and my personal situation have changed and I might have to let my house and stay with my family for sometime.


I have spoken to the bank and they said I need to pay 295 pounds and then I can let the house, I presume this is consent to let. i have a couple of questions and would be grateful if any of you can advise.


firstly, what if after 6 months i find another house and want to buy that house, would i have to convert my current mortgage .If so would they consider 3.25 times of my salary minus my existing mortgage or will they give a fresh 3.25 times my salary.


Secondly want to the maximum time limit i can let under concent to let.

amnblog

The consent to let is designed to be a temporary arrangement - sometimes a lender will specify consent for 6, 12 or 24 months.


There may be a point where a lender asks you to switch to a buy to let product. In practice Lenders do not tend to keep track and we see many borrowers who have properties that have been on consent to let for a number of years (and sometimes more than one property).


With regard to your next home and your mortgage potential being affected by the consent to let. Provided the consent to let is 'self funding' - in other words rent covers mortgage payment by 125% it will not make a difference to your lending on the new purchase with many lenders (be careful as it can with some lenders).


Finally don't get bogged down in income multiples as they mean very little in practice when your maximum lending is calculated for a residential mortgage in the current market.