Consent to Let - Santander vs Coventry vs First Direct

sophieev

Hi

I am thinking of switching deals to end up with one of the above lenders.

There is a small possibility that I may need to consent to let in the future and so I am trying to look into which of the above lenders might be more amenable to this / which are more likely to flatly refuse etc. Basically a ranking of consent to let friendliness !

I have done plenty of internet research but am not coming up with much (much of it is contradictory) - e.g. it seems that First Direct has historically been very inflexible on this, but that seems to be changing.

Anyway - if anyone has any experience or thoughts, I would welcome hearing them.

Thanks

Thrugelmir

How long before you intend applying for CTL after remortgaging.

sophieev

There is no firm intention at the moment - there is just a possibility (not a probability) that we may be sent abroad with work. So i could not say how long - at a guess, not for a year at least. But just to reiterate this is merely a vague possibility. It is more likely that we would not be going anywhere.

I just know some people have had a nightmare with this and flexibility in this regard could well sway my decision as to who to do business with.

Thrugelmir

I only asked as lenders may be reluctant if a request is made soon after remortgaging. On the basis that there was prior knowledge.

No lender sets their policies in stone. CTL is also down to the personal circumstances of the borrower. Moving abroad for work is perfectly a legitimate reason. Which CTL was originally envisaged to cover.

blinko

I'm similar in wanting to hear peoples experiences of consent to let. As I would like the option should something unfavourable happen to me that I can let the property.

Has anyone had any experience of getting consent to let from First Direct or Yorkshire Building Society?

amnblog

We blogged about this last year on our website.


Santander charge less than Coventry with many (but not all) of their products. Other lenders do not charge at all.


This is a classic case where not using a broker and trying to understand the market yourself will cost you more later.

nixechi

I am in exactly the same position as the original poster. I am about to re-mortgage (for a 5 year fixed term) with Coventry, however, there is a possibility of being transferred abroad in the next year or so.

I'm intending on getting a CTL, however, I've read that Coventry charge £100 fee (which is fine) but also increase the rate by 1%, which may make the rate I'll be paying less competitive than some BTL mortgages.

Does anyone have any experience with this situation?
Are there other lenders with less draconian CTL policies?

Cheers.

MrJackB

I'm moving to Germany for a new job (just over 3 years fixed term). I had absolutely no problem at all getting four years consent-to-let from First Direct. They were happy to simply offer it to me without any further questions or difficulties. Only proviso is that you let out on an assured shorthold tenancy agreement.