HSBC - consent to let potential

bridgend_girl

Anyone have experience of the process with this lender? Do they have a minimum period prior to changing to this and a minimum LTV?

Can't get BTL as don't own another house and want to live in it initially as it is a real do-it-upper. May take up to 12 months to get in a good state of repair as also work full time.


Thoughts please. Thanks.

Thrugelmir

CTL has to be justified to be acceptable. Don't consider it a route to obtaining a BTL mortgage. The fact that you already own another property would alone raise questions.

bridgend_girl

Don't own a property at moment. Currently renting. I would have to live in it whilst doing it up to make it affordable. Thought I would be excluded from BTL as I want to live in it but unable to convert to BTL later as I don't own other home. Not sure where I will live once I rent it out but definitely don't want to live in it for longer than is necessary to get it done up.


Hope that makes it clearer. Thanks

brit1234

Even if you do manage it, are you aware of the tax changes coming in and does the maths add up?

bridgend_girl

Yes I think so, thank you.

I'm not a higher rate tax payer and never likely to be. Luckily here in S Wales property still relatively cheap. It's touch and go on figure but think it's worth the punt I hope.

Looking at a property for £55k with rental at £400-450 pcm but area not so good so need to be careful about right tenant.