We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Remortgage or Buy To Let?
wildcardsa
Posts: 54 Forumite
Hi there, seeking a little advice as Im a bit of a numptie with all this.
I have recently rented out my property and have gained a Consent to Let with my mortgage provider. 6 months have now gone by and they have increased my repayment percentage as forewarned.
The issue is, I cannot change to a more favourable product with them, as they will remove my "consent to let". So essentially, they have me at ransom at a 4.99% and 3.5% (split mortgage).
If I was to go with another provider, would I need to get a Buy To Let Mortgage or could I just remortgage and ask for further Consent to let?
Thoughts and advise?
I have recently rented out my property and have gained a Consent to Let with my mortgage provider. 6 months have now gone by and they have increased my repayment percentage as forewarned.
The issue is, I cannot change to a more favourable product with them, as they will remove my "consent to let". So essentially, they have me at ransom at a 4.99% and 3.5% (split mortgage).
If I was to go with another provider, would I need to get a Buy To Let Mortgage or could I just remortgage and ask for further Consent to let?
Thoughts and advise?
0
Comments
-
You'd need a formal buy to let, or let to buy product and/or lender.
Consent to let is confined to your first residential mortgage you find no longer meets the needs of an "accidental landlord."
You can't remortgage from residential to residential with tenants in-situ then, oops, I forgot I need consent to let after all...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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards