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Consent to let question
stepic
Posts: 9 Forumite
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.
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.
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Comments
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Presumably you knew about this before remortgaging. So should have asked before switching lender. CTL rules are well established.0
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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 -
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."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
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.0
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Have you called the lender to discuss?
Seems a sensible first step.Thinking critically since 1996....0
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