Consent to let question

stepic

Hi

I have just recently remortgaged and am with Virgin Money. I've only had the mortgage for 2 months. I was planning on applying for a consent to let, however was advised that they wouldn't be able to do this until I've had the mortgage for at least one year.

Is there anyway around this? If I had to relocate for my job next month, would I essentially be stuck paying a mortgage and rent until the 12 month period is over? Seems rather restrictive.

Thrugelmir

Presumably you knew about this before remortgaging. So should have asked before switching lender. CTL rules are well established.

amnblog

Thrugelmir wrote: »

Presumably you knew about this before remortgaging.

A bit assumptive TG.

Foxy-Stoat_3

http://uk.virginmoney.com/virgin/mortgages/existing-customers/other-enquiries/

Doesn't look like you can get around the fact that if you let it out without consent you will breach the terms of your mortgage, some lenders only hit you for a charge if you let without consent, looks like Virgin may repossess if you do.

As with any mortgage, you have to pay for it once taken out whether you live there or relocate, so the logical thing to do is to sell and move and swallow the early redemption charges.

Bad time to remortgage.

stepic

It's not an issue for me right now, but sometimes things happen that you have no control over - i.e. needing to move for a job.

somethingcorporate

Have you called the lender to discuss?

Seems a sensible first step.