consent to lease

bike_saving_expert

Hi does anyone know whether lenders will accept rental income on consent to lease for affordability purposes. Or does it need to be BTL ?

Would a lender let you capital raise on the rental income ?

Thrugelmir

Lenders normally only consider rental income if the property is unencumbered. If you need to the rental income to fund the project how will you cope if there's no tenant or the tenant defaults. Sounds a no goer to be frank.

amnblog

You sound like you are confusing two scenarios BSE.

If you have a property on a residential mortgage and want consent to let from the existing lender they will not check affordability at all before agreeing the C2L.

A Lender that has you on C2L with a residential mortgage are not going to give you a further advance.

If you want to raise extra funds you are looking at re-mortgaging on to a buy to let product which is usually unwritten for affordability against the rental income.