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First Direct refusal to rent our house...is this correct?
melissa'smoney
Posts: 372 Forumite
Hi all,
Just wanted to know if this is correct. We had looked into renting our house to rent another closer to family as we can't currently afford to move. I spoke to FD yesterday and the underwriters refused stating it is blanket policy re not renting and only under exceptional circumstances ie moving abroad for a job or in the military would they agree for a short period.
I hadn't realised this and can't find anything in our T&C's.
Is this common for a lot of mortgage lenders? does anyone know mortgage lenders who do allow you to rent your home?
TIA x
Just wanted to know if this is correct. We had looked into renting our house to rent another closer to family as we can't currently afford to move. I spoke to FD yesterday and the underwriters refused stating it is blanket policy re not renting and only under exceptional circumstances ie moving abroad for a job or in the military would they agree for a short period.
I hadn't realised this and can't find anything in our T&C's.
Is this common for a lot of mortgage lenders? does anyone know mortgage lenders who do allow you to rent your home?
TIA x
Quidco to date = £1224 cashback
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Comments
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Consent to let varies from lender to lender and is case-specific.
I don't know of any lender which advertises wanting such cases as too many people would use them for back-door BTLs.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.0 -
kingstreet wrote: »Consent to let varies from lender to lender and is case-specific.
I don't know of any lender which advertises wanting such cases as too many people would use them for back-door BTLs.
Thanks, so is refusal a refusal as in there is nothing we can do? x
Quidco to date = £1224 cashback
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It is the lender's right to accept or decline to grant consent to let. It is not an entitlement, so you cannot complain to someone to get the lender to do it.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.0
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kingstreet wrote: »It is the lender's right to accept or decline to grant consent to let. It is not an entitlement, so you cannot complain to someone to get the lender to do it.
Yes I understand that, I wasn't suggesting we complain to anyone, more, is it worth talking to them again?
Quidco to date = £1224 cashback
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That is their policy Melissa. They wont break it for individual clients.
You could consider re-mortgaging the property on to the correct buy to let product.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 -
Unfortunately, I wasn't privy to the conversation with them, so I'm unable to speculate on the effectiveness of further communication.melissa'smoney wrote: »Yes I understand that, I wasn't suggesting we complain to anyone, more, is it worth talking to them again?
Apologies for the assumption. Most people come here to ask questions and if the result is "make a complaint and you'll get what you want" they appear to go away satisfied.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.0 -
melissa'smoney wrote: »I hadn't realised this and can't find anything in our T&C's.
At most the wording will be along the lines of at the discretion of the lender, on the terms of the lender. There's no rights in this regard.0
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