Woolwich Consent-to-let

Disco87

Hi


First of all let me say thanks to anyone who takes the time to respond, I really appreciate it.


I really need some help here as I am stuck.


Me and my wife are looking to move, we have put an offer in on a new home and it has been accepted. So now we need to sort out a mortgage.
We currently own an apartment which we want to let out. We can't switch to a buy-to-let just yet as we have 11months left of the fixed term.


I rang up Woolwich and asked for permission to let and explained that it was just until I could switch to a "buy-to-let" as I understand its a bit cheeky to expect the lender to allow you to let out on a residential indefinitely.
The lady on the phone was very friendly and said yes that's no problem I will send you the form in the post for you to sign. RESULT!
However...


After completing and returning the form, it was rejected because I answered "no" to the question, "Is it your intention to reoccupy the property upon the end of the tenancy?"


I don't want to lie about anything, I have tried to be honest and I feel mislead now.


With that in mind, we really feel this is just a technicality and Woolwich should give us consent so long as we promise that is it only short term. We have never missed a payment and have been good customers for 3 years.


So I have read online that people have told their lender that they intend to sell the property but want to let it out for a short while until they are ready to do so/ waiting for market to improve etc. and that this has resulted in them getting the permission.


My question is... If I were to lie, and say I intend to sell the property in a year, get consent to let (hopefully) then in 11months when the fixed term expires re-mortgage to a buy-to-let. Could I face repercussions? After all intentions can change over time. Would Woolwich be bothered when I re-mortgage to a buy-to-let instead of selling the property later on?


Thanks

Thrugelmir

Disco87 wrote: »

I don't want to lie about anything, I have tried to be honest and I feel mislead now.

With that in mind, we really feel this is just a technicality

No technicality, CTL is not granted as an alternative to BTL. From the lenders view it's intended to be a short term arrangement to cover your circumstances.