Advice about Halifax consent to lease?

widders

Hello

I am currently on Halifax SVR mortgage as my previous deal ended in September. It is a residential mortgage but has been granted consent to lease for the past 18 months as I am working abroad temporarily.

As my product has ended I called them to ask if I could switch to a new product but was told as I have consent to lease they have no product to offer me, but this can be reviewed when I reapply for consent to lease again (they grant it annually) next summer.

I am anxious that they will at this point do what others have written about in previous years, forcing me to take a higher rate product and charging me £1500 for the privilege.

Do I have to just sit tight and see what they say when the time comes or are there alternative lenders that I could approach for switching to who would be happy to give me a residential deal with consent to lease?

Has anyone been through this with them recently? :money:

At the very latest I will be returning to the UK in September 2018.

Any advice greatly appreciated. If I can do anything to have some control over my options rather than be at Halifax's mercy then I would like that!!

Thanks :A

rm85

I have been on the SVR with consent to lease for two years. This year the format of the consent to lease renewal form has changed and asks you when you plan on returning to the property and says that if you don't plan on returning then you should be looking at a BTL mortgage.

The good news is that there are halifax BTL products that don't attract a fee, the bad news is the rates are abysmal (5.34% tracker!!! it's only going to get worse).

From what I can gather they are trying to push people onto these poor deals where they can. However, it looks as if you plan to return to the property then you should be able to hang on the SVR until that time.

If you have 80% LTV or better then there are BTL rates out there that are better than the current Halifax SVR - I would recommend taking a look at these - and other lenders will not give a residential mortgage for something that is currently let out.

For me who has an LTV of around 100% (Why didn't I have a crystal ball in 2008 :-( ) i'm just going to have to see how long I can stick on the SVR before Halifax start shafting me for everything they can get. Unless anyone has any better ideas?!?!?

amnblog

They have given you consent to let a property you bought as your home on a residential mortgage product. Also, you are now non UK resident.

They have no reason to offer you preferential rates on it

If you don't like their SVR you will need to remortgage on a buy to let rate.
A process you will struggle with while out of the U.K.