Consent to Let Question

Southernman

I am currently on a 5 year fix mortgage which due to end around April 2016, I'm with Natwest who said that as long as I meet criteria, fill in a form and pay £100 they will offer me a consent to let mortgage.

I would like to move into my boyfriend's home whose fix finishes in 2017 and then he plans to sell, we then move into my property where the consent to let ends then at some stage buy one together on a joint basis

At no point do I want to sell my property as it is a long term investment. Now when my fix ends in 2016 I would like to go on another 5 year fix on a residential basis whilst still under consent to let which is feasible for NatWest, however in 2017/2018 when i'd like to buy a joint property i will still be on that residential fix ending in 2021 so could I go on a second consent to let until the fix ends then swap to BTL or is this a no go? I'm just concerned about ERC but wasn't sure if this was just for those selling property or wanting to get a cheaper deal elsewhere


Also can you have a consent to let property whilst purchasing a joint residential property or again does this go against mortgage rules?

Thanks in advance for your help

Doofs69

trying to get my head round this

Thrugelmir

Consent to let is normally granted on a temporary basis. As is intended for short term circumstances not for running a business.
So you should budget on having to obtain a BTL product at some point in time. Or suffer an interest loading on your residential mortgage instead.

I'd wait until your current fixed term ends before planning any further ahead. As rules can change overnight.

audigex

This is the summary of events and living arrangements as far as I can tell, if it helps.

2015-2016 - OP is in the last two years of her current 5 year term fixed rate residential mortgage, no consent to let, living in her own property (the normal situation)

2016 - Move to Natwest on 5 year fixed residential mortgage with consent to let. Let her flat/house, move in with boyfriend

2016-2017 - Live with boyfriend, let OP's house (under the consent to let obtained in 2016)

2017 - Boyfriend's fixed term ends. Boyfriend sells house and both move into OP's house, no longer using the consent to let

2017-2018 - Live in OP's house together

2018 - Buy property with boyfriend, move out of OPs house and let it again

2018-2021 - Live in joint house, continue letting OP's house

2021 - OP's 5 year fix ends, OP switches to BTL mortgage on her house.


Essentially the plan is
1) 2 years of current 5 year term living in the flat
2) 5 year fixed rate with Consent to Let, living in the house some of that time, letting it the rest
3) Switch to buy to let in 7 years (2021)

Southernman

Hi the above is correct, thanks for that. Sorry for overcomplicating things, it all made sense in my head!

Basically can I have a consent to let residential sole mortgage whilst obtaining a residential joint mortgage which I would be living in or would I need yo make an immediate swap to BTL on the sole mortgage?