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Consent to Let whilst looking for work in Devon
tasha35
Posts: 10 Forumite
Hi All
Looking for some advise on Consent to Let.
We currently have a mortgage with Nationwide which has been running for just over 3years now, our fixed term ended in March and currently we are sat on the standard rate. We haven't yet fixed again, mainly because I have now moved out of perm role into contracting and we are looking at making the move down to Devon.
The plan is to look for work before moving to Devon then look to rent down there to get an idea of what parts of Devon we would eventually like to buy in. We want to have the security of our house back home just encase it doesn't work in Devon meaning we'd have a place to come back to. In order to do this we would need to rent our house out.
My question is can we do this whilst I'm contracting or even possibly temping, moving from job to job in various contracts (3months, 6months etc) aswell as looking for a perm role in Devon. Not sure on how they would work out the criteria? My partner is in full time employment.
If it also helps with giving advise, we had our property valued recently and the price has gone up by £110k in the 3 years, a few houses around us of similar price have been valued as the same and sold within weeks.
Any help would be appreciated.
Thanks
Looking for some advise on Consent to Let.
We currently have a mortgage with Nationwide which has been running for just over 3years now, our fixed term ended in March and currently we are sat on the standard rate. We haven't yet fixed again, mainly because I have now moved out of perm role into contracting and we are looking at making the move down to Devon.
The plan is to look for work before moving to Devon then look to rent down there to get an idea of what parts of Devon we would eventually like to buy in. We want to have the security of our house back home just encase it doesn't work in Devon meaning we'd have a place to come back to. In order to do this we would need to rent our house out.
My question is can we do this whilst I'm contracting or even possibly temping, moving from job to job in various contracts (3months, 6months etc) aswell as looking for a perm role in Devon. Not sure on how they would work out the criteria? My partner is in full time employment.
If it also helps with giving advise, we had our property valued recently and the price has gone up by £110k in the 3 years, a few houses around us of similar price have been valued as the same and sold within weeks.
Any help would be appreciated.
Thanks
0
Comments
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Consent to Let is intended for temporary circumstances and is end-dated with the temporary circumstance in mind. There is usually a fee or interest loading involved. Best to speak to the lender to discuss your circumstances.0
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Consent to Let is just a quick phone call. They may charge you a fixed fee and/or increase the interest rate. No new application, credit check, affordability etc.
If they refuse CTL and require you to remortgage to a BTL mortgage, then all of the above become considerations.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
Consent to Let is intended for temporary circumstances and is end-dated with the temporary circumstance in mind.
Some lenders do seem prepared to extend it indefinitely though - I had CTL for 7 years (Santander/ex-A&L) before eventually selling.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
Thanks for the info, ideally we would be looking at around 2 years- Do you think that would still be considered under CTL?, we would hope by then we'd know if Devon is for us or not and aim to buy. Don't want to be renting either side for too long.0
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Thanks for the info, ideally we would be looking at around 2 years- Do you think that would still be considered under CTL?, we would hope by then we'd know if Devon is for us or not and aim to buy. Don't want to be renting either side for too long.
If they do approve CTL it will probably be for a year, after which you'll need to re-request it.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0
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