Consent to let - Nationwide or HSBC?

user758

Clue is in the title - does anyone have any experience with gaining consent to let with the above providers? I need to re-mortgage but am then hoping to move in with my boyfriend a few months later. I've narrowed it down to two deals - Nationwide tracker or HSBC fixed both for 2 years.

I've had my house for 5 years and have always overpaid, LTV is 40%, mortgage payments are likely to be 400-550 (depending on the term, if I'm more likely to get consent with a lower monthly payment I'll do that) and rent would be £900-£1000 so no problem with affordability.
Just timing....

Thanking yous.:j

SRH_2

Following. In a similar position myself (posted earlier). I'm currently with Nationwide and they have refused consent on the grounds that as a building society they don't provide buy-to-let mortgages

liviboy

SRH wrote: »

Following. In a similar position myself (posted earlier). I'm currently with Nationwide and they have refused consent on the grounds that as a building society they don't provide buy-to-let mortgages

Funny - Nationwide run an entire business dedicated to buy-to-let:
http://www.themortgageworks.co.uk

The website also seems to show they do indeed offer consent to let (but they do not provide BTL mortgages branded as Nationwide).
http://www.nationwide.co.uk/support/support-articles/manage-your-account/letting-your-property/letting-your-property-overview

If they want to refuse you permission/consent to let on a normal mortgage then that's one thing but they shouldn't be fobbing you off with a nonsense reason when they run an entire separate business for BTL landlords.

strawberries1

That's odd. This thread says otherwise.

kingstreet

Lender attitude to CTL is often formed from the tone of the phone call which precedes it.

"I'm having to work elsewhere in the UK for a while and need CTL for a short period" will probably see you successful.

"I'm buying another property and want to keep my current house as an investment" will probably told you to remortgage onto a formal BTL product as they are not in the business of providing BTL mortgages to investors at residential rates.

That's usually the Halifax response from what clients have told me.

Nationwide has a separate off-balance sheet subsidiary for BTL business, The Mortgage Works where the rates and maximum loan to value reflect the increased risk of non-owner occupation business.

Thrugelmir

user758 wrote: »

I need to re-mortgage but am then hoping to move in with my boyfriend a few months later.

Minimum of 6 months with the new lender and possibly good justification will be required.

glosoli

Why don't you just re-mortgage on a buy to let basis to begin with? You will inevitably have to switch it onto a buy to let at some point anyway.

user758

I'm not sure if that implies that moving in with a partner isn't a good and justifiable story. I don't want to get a BTL straight off because I need to remortgage soon but we're planning to move together later in the year. And if it doesn't work out I could take advantage of a break clause from letting. I feel like it is exactly what consent to let is designed for?

pascal22p

HSBC is 1 year only. It is possible to ask for 1 more year but not more.

owitemisermusa

user758 wrote: »

Clue is in the title - does anyone have any experience with gaining consent to let with the above providers? I need to re-mortgage but am then hoping to move in with my boyfriend a few months later. I've narrowed it down to two deals - Nationwide tracker or HSBC fixed both for 2 years.

I've had my house for 5 years and have always overpaid, LTV is 40%, mortgage payments are likely to be 400-550 (depending on the term, if I'm more likely to get consent with a lower monthly payment I'll do that) and rent would be £900-£1000 so no problem with affordability.
Just timing....

Thanking yous.:j

Having just remortgaged from HSBC I have first hand experience:

HSBC were absolutely no hassle to get consent to let. No charges whatsoever, issued for the first year then let me be thereafter. I spoke to them several times and was never asked to renew it, simply stayed in place. Was on a CTL for 9 years and they were no trouble at all.


HTH.

owitemisermusa

pascal22p wrote: »

HSBC is 1 year only. It is possible to ask for 1 more year but not more.

Unless things have changed, not accurate. See my post above.