Consent to Let - HSBC, Yorkshire Bank, Post Office, Co-operative Bank

mither_2

Hello,

Does anybody have any experience of the above banks with regards to getting a consent to let if one were required?

I previously took out a four year fixed mortgage with Santander in 2010. After three years of this fix i was offfered a job in London. I applied to Santander and paid the £275 consent to let fee. They could see that I had a solid history of paying the mortage and hadn't done it just as a cheaper way of getting a buy to let mortgage. They granted the Consent to Let and when the fix rate finished they moved me onto the SVR which was lower than my fix anyway. I subsequently converted this to a buy to let mortage to get a cheaper rate again.

Anyway i am now looking to buy another property and will be selling the one I previously had the CTL on. I have had mortgage offers from Sanatnder and HSBC and am also considering applying to the other lenders above. As previously I will take out a three/four year fix with the intention of staying for that long but want to know that should circumstances change (I move in with my girlfriend, leave London etc) that I have the opportunity to apply for a consent to let and have a reasoable chance of getting one.

Has anyone had a consent to let from HSBC or any of the other lenders listed above?
Are there any lenders that are particularly flexible on this?
Are there any lenders that are particularly difficult and/or don't allow consent to let?

Any other background that people have would be much appreciated.

Many Thanks in advance

clarky_cat

I got consent to let from HSBC in July for 1 year . I just wrote them a letter a few weeks before requesting it. I stated in the letter that I had someone lined up to move in should the consent be granted.

I will probably need to move over to a BTL once my fixed rate is up in May next year.

Thrugelmir

Impossible to say what a lenders reaction will be to an application in the future. That depends very much on your personal circumstances. Each application will be considered on it's own merit.

luckbox

I have had consent to let from HSBC as well. Told them that we were moving but not selling the flat and intended to let it. I was prepare to take out a buy to let if they insisted though. Granted for a year.

Timbosaurus

NatWest seem to be one of the better ones for CTL. Once you have it, it lasts the entire remaining term of the mortgage (or until you re-occupy). They also let you re-fix at residential mortgage rates whilst maintaining the consent to let. From what I've seen, they're also pretty relaxed about granting it, as long as it's more than a few months after the mortgage was taken out.

green-backer

I also easily got a 12 month CTL from HSBC. Moved on to a buy to let after that as my mortgage term was up anyhow.

questionss

Also easily got 12mth CTL from HSBC - it was extended but they knew we had nearly overpaid the mortgage to clear it & we only asked for a 6week extension.

mither_2

Many thanks for all of your excellent responses here. How much do HSBC charge for their CTL? Does anybody know please?

Interesting to hear that about natwest as they are another that I'm considering.

Does anybody have any experience of Co-op Bank?
Yorkshire Bank? or any others?

Has anyone found a particular lender to be difficut?

It is very difficult to predict lenders' reactions in years to come. If it ever did happen it would be 1-2 years after taking out the mortgage rather than months. I don't see any reason why i would need to move within the next two years.

Thanks again

Fean0r

HSBC tell me that they will only do CTL for 12 months. The advisor didn't think that they would extend; in fact he even suggested most people don't bother asking!

I however am likely to have to go away for 2+ years, but will be wanting to return to live in my property afterwards. I don't want to get a BTL mortgage as I understand you can't live in a property you own if there's a BTL mortgage on it.

This is rather absurd; does anyone have experience of HSBC extending 12 month CTL for multiple years?

I want to remortgage with HSBC but this could be a deal-breaker.

mither_2

I can't answer that I'm afriad but i would be interested to know how much HSBC charged for the CTL and how long it took to agree to?

Fean0r

I'm not with HSBC so I don't know, sorry - I asked as a hypothetical as part of considering who to remortgage with as my career may take me overseas in a couple of years' time so I need this flexibility in the future.