We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Consent to Let & getting 2nd Mortgage

[Deleted User]
[Deleted User] Posts: 0 Newbie
Part of the Furniture 100 Posts Combo Breaker
in Mortgages & endowments
Hi,


I'm looking for some advice on my current situation.

I have a residential mortgage with Nationwide. I have had a change in circumstances which means I need to move out of my current house. Nationwide are willing to agree to consent to let. My mortgage is £240 p/m & rental income is £700 - £800 p/m.

I currently also have a buy to let property which is rented out making a decent return approx £200 profit p/m.

Is it possible to get my original mortgage disregarded for affordability and get a second residential mortgage so I can buy another property to move into?

If so which lenders are most likely to accept this?


Any advice would be appreciated.

Thanks.

Comments

  • kingstreet
    kingstreet Posts: 39,415 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Yes. You should speak to an independent broker about your options. They will depend on loan to value, affordability etc.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • ACG
    ACG Posts: 24,859 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    As Kingstreet says, it will be possible but not all lenders will do it, so it probably is one for a broker.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.6K Banking & Borrowing
  • 254.2K Reduce Debt & Boost Income
  • 455.1K Spending & Discounts
  • 246.7K Work, Benefits & Business
  • 603.1K Mortgages, Homes & Bills
  • 178.1K Life & Family
  • 260.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture