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Consent to Lease
scoops82
Posts: 247
Forumite
Hi
I currently have a 3 year agreement with my MP to lease my property for 3 years - this ends in June 2017. The mortgage I have is an IO one.
Has anyone got any experience of what may / may not happen after this point?
Will I be able to extend the CTL?
Will I be forced to change to a BTL?
This would need a big injection of cash to bring it in line with the LTV ratios for BTL.
Forced to sell the property?
The property itself is making a small amount each month and I also contribute to additional payments to try and bring the LTV ration down but this will still be some way short at the end of the CTL.
Any advice is welcome.
Cheers
S
I currently have a 3 year agreement with my MP to lease my property for 3 years - this ends in June 2017. The mortgage I have is an IO one.
Has anyone got any experience of what may / may not happen after this point?
Will I be able to extend the CTL?
Will I be forced to change to a BTL?
This would need a big injection of cash to bring it in line with the LTV ratios for BTL.
Forced to sell the property?
The property itself is making a small amount each month and I also contribute to additional payments to try and bring the LTV ration down but this will still be some way short at the end of the CTL.
Any advice is welcome.
Cheers
S
Scoops 
0
Comments
-
No way of knowing.
If you say which lender this is, you may find someone with similar recent experience might be able to assist.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
The Mortgage provider is Intelligent FinanceScoops0
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