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Consent to let and mortgage extension
elfie87
Posts: 11 Forumite
Hi there,
We currently have a 5 year fixed term mortgage that we're approximately 18 months into. Our circumstances have now changed and we would like to rent our property out for a while and move to another town.
A while ago we spoke to a mortgage advisor about the possibility of gaining consent to let on our current property. They suggested that we first extend our term (we are on a 15 year contract with fairly high monthly repayments) so that our monthly repayments would be less than the rental value - i.e. so that any rental income would pay off our mortgage repayments. They suggested we do that sooner rather than later so that it looks less 'suspicious' when we come to ask for consent to let further down the line.
However we never got around to extending our mortgage as we were still unsure about whether to make the move or not. We have now decided to try and give this a go and so we're going to apply for an extension to our mortgage term.
The question is: how much do we tell them about our reasons for extending? Do we let them know now that we're doing it with the intention to gain consent to let in a couple of months time? Or do we say we want to save more money and then seek their consent for letting in 2-3 months time? We want to minimise the possibility of them rejecting our extension and/or consent to let.
Many thanks!
We currently have a 5 year fixed term mortgage that we're approximately 18 months into. Our circumstances have now changed and we would like to rent our property out for a while and move to another town.
A while ago we spoke to a mortgage advisor about the possibility of gaining consent to let on our current property. They suggested that we first extend our term (we are on a 15 year contract with fairly high monthly repayments) so that our monthly repayments would be less than the rental value - i.e. so that any rental income would pay off our mortgage repayments. They suggested we do that sooner rather than later so that it looks less 'suspicious' when we come to ask for consent to let further down the line.
However we never got around to extending our mortgage as we were still unsure about whether to make the move or not. We have now decided to try and give this a go and so we're going to apply for an extension to our mortgage term.
The question is: how much do we tell them about our reasons for extending? Do we let them know now that we're doing it with the intention to gain consent to let in a couple of months time? Or do we say we want to save more money and then seek their consent for letting in 2-3 months time? We want to minimise the possibility of them rejecting our extension and/or consent to let.
Many thanks!
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