Consent to let - HSBC

clarky_cat

Hi,

Has anyone here had experience of obtaining consent to let from HSBC? I currently own a flat and am in a 2 year fixed residential mortgage. I am looking to buy a house and rent the flat but my fixed runs until March next year. When I called HSBC they said I had to put it in writing for consent to let but my mortgage broker has advised they rarely give it. Looking to avoid, if possible, the charges that would come from exiting my current mortgage as costs would be over £800 although they go down daily.

The other option is not to tell them until my fixed runs out, or leave it as close to the end, as I know many others do but have always like to do things by the book.

scoops82

I had a CTL with a different MP ( Intelligent Finance ) and all I had to do was fill in form stating that I was renting it out.


My broker did say I would need to make sure the Rent more than covered the mortgage but the MP never asked hose questions.


I know its a different provider but it might be helpful.


I would ring up HSBC and ask lots of questions without revealing your going to be applying for CTL.


S

Old_Git

clarky_cat wrote: »

Hi,

Has anyone here had experience of obtaining consent to let from HSBC? I currently own a flat and am in a 2 year fixed residential mortgage. I am looking to buy a house and rent the flat but my fixed runs until March next year. When I called HSBC they said I had to put it in writing for consent to let but my mortgage broker has advised they rarely give it. Looking to avoid, if possible, the charges that would come from exiting my current mortgage as costs would be over £800 although they go down daily.

The other option is not to tell them until my fixed runs out, or leave it as close to the end, as I know many others do but have always like to do things by the book.

I dont know about HSBC but woolwich refused me consent to let as I wasnt moving for work purposes .I moved 0.25 miles .They also wouldnt give me a BTL mortgage as I didnt owe enought .
I rented it out without permission for 18 months .My interest rate was really low (0.68 % ) so I overpaid as much as I could and then took a loan from M&S at 3.9% and cleared the mortgage .
One option might be to port your mortgage to the new property .

questionss

HSBC granted CTL over the phone about 18mths ago for 12mth but we did have over 50%equity. We also extended over the phone this year but only for a few weeks as we also paid off the mortgage. They knew we were paying off the mortgage as we requested a redemption statement

scoops82

My equity is only about 8% and I to only moved about 200 yards away. They consented to let for 3 years but god knows what will happen at the end - I'm hoping they don't force me to sell as I doubt I will get a BTL mortgage with the amount of equity I will have in the property.

Rentalquery

Similar to clarky_cat we are taking a year out to travel, in our 50's, and our mortgage is with Santander. Does anyone know the process and how easy it is to CTL from them.

movilogo

HSBC will give you CTL once you apply for it. It will be for 12 months form date of application. After that you must convert to BTL mortgage if you continue with HSBC. Else move to different lender (they will also offer for BTL anyway).