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Help.. Consent to let with Birmingham Midshires
craglemctavish
Posts: 1 Newbie
Hi, can anybody offer any advice ?
We are on an interest only mortgage with Birmingham Midshires.
We have 85% LTV
We would achieve more than 125% of the monthly mortgage costs with the monthly rental.
We have had the house and mortgage for 7 years.
When I call BM to ask for consent to let. They say yes we could give you consent to let but it depends on your personal circumstances. Then they ask why do you want to move ? To which I replied my little girl is starting infant school. We want to move into the catchment area and closer to school but can't afford to until my wife goes back to work after having 2 children.
There answer to this is no. This is not in our list of personal circumstances.
Then they offer a buy to let mortgage, which is pointless until my wife gets back to work and we can prove our earnings.
Has anybody got consent to lease with bm ?
Thanks
We are on an interest only mortgage with Birmingham Midshires.
We have 85% LTV
We would achieve more than 125% of the monthly mortgage costs with the monthly rental.
We have had the house and mortgage for 7 years.
When I call BM to ask for consent to let. They say yes we could give you consent to let but it depends on your personal circumstances. Then they ask why do you want to move ? To which I replied my little girl is starting infant school. We want to move into the catchment area and closer to school but can't afford to until my wife goes back to work after having 2 children.
There answer to this is no. This is not in our list of personal circumstances.
Then they offer a buy to let mortgage, which is pointless until my wife gets back to work and we can prove our earnings.
Has anybody got consent to lease with bm ?
Thanks
0
Comments
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Perhaps selling up and renting for a while is a better option. As I assume you are unlikely to ever return. CTL is only a short term option. Still leaves you the problem of what to do with the property in the medium term. As your mortgage is interest only you are not building any equity/repaying the debt either.0
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It could be that earnings are not taken into account with a Birmingham Midshires buy to let mortgage. I don't thing mine were.
It will be based on LTV and credit worthiness.
I'd check with them.0
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