Changing Mortgage rate with permission to let on the property?

Sean--morris

Hi All

I have a property that I started to rent last year and got permission to let forms in to my bank so I can let for 2 years but now my rate ends and been told I can't change rate because of the permission to let is in place so any advice? I can't change to buy to let as I don't own another property myself.
Would I be able to do a new residential mortgage with a new lender and do a permission to let with them?:money:

Thrugelmir

Within the first 6 months, no you wouldn't. As your already letting the property. You need to seek out a more flexible BTL lender through a broker.

amnblog

Hi All

I have a property that I started to rent last year and got permission to let forms in to my bank so I can let for 2 years but now my rate ends and been told I can't change rate because of the permission to let is in place so any advice?

Standard lender approach

I can't change to buy to let as I don't own another property myself.

Not correct, we did one this week for a client.

Would I be able to do a new residential mortgage with a new lender and do a permission to let with them?:money:

No, it is not your 'residence'

glosoli

The bank may be viewing it as a consumer buy to let, as you are looking to rent out your former home, and you have no other landlord experience. If that is what the issue is, other banks can do consumer buy to let mortgages for you.