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If you have an unused Consent to Let on your mortgage
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Posts: 543 Forumite
Hi - I posted earier in the week re my Santander current mortgage coming to an end and was looking to transfer to a new deal. Rates quoted were not great but I guess I didn't expect that - however when I telephoned them the advisor asked me if i was still letting out my property. I said i never did this in the end but was aware that i had purchased a consent to let. Advisor told me that as soon as you purchase a CTL it is assumed that you have let the property and so when it comes to remortgage (current deal running out) they offer you BTL rates on the retention products.
To change this I had to visit a Santander branch with evidence I still lived at the property in order to get it changed back to residential, provide a cover letter to ask that any markers be removed and then ask the branch to fax it over to the admin team.
I would have thought that by buying a CTL that the mortgage company would then wait until you confirm you are letting the property out but I suppose I can see both sides. Anyway just in case anyone else has a CTL they don't use and actually live in their property themselves it's handy to know......
To change this I had to visit a Santander branch with evidence I still lived at the property in order to get it changed back to residential, provide a cover letter to ask that any markers be removed and then ask the branch to fax it over to the admin team.
I would have thought that by buying a CTL that the mortgage company would then wait until you confirm you are letting the property out but I suppose I can see both sides. Anyway just in case anyone else has a CTL they don't use and actually live in their property themselves it's handy to know......
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Comments
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The numbers obtaining CTL and not letting will be dwarfed by the numbers letting without CTL.
Nice to see the Lender allows you to evidence your position though.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
The numbers obtaining CTL and not letting will be dwarfed by the numbers letting without CTL.
Nice to see the Lender allows you to evidence your position though.
Yes, I guess it was an expensive mistake to buy the CTL and not use it but not as expensive as being on BTL rates had I not been reminded by the advisor...0 -
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Thrugelmir wrote: »Why apply for CTL if there was no reason or intention to let the property?
Presumable there was such an intention at the time.0 -
My circumstances changed Thrugelmir...Thrugelmir wrote: »Why apply for CTL if there was no reason or intention to let the property?0
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