Consent to let - Nationwide or HSBC?

pascal22p

I talked to their mortgage adviser may last year about it. They only gave me a one year consent to let. Then you have to ask again and have been told I won't get more than 2 years. I confirm the no charges and no change of interest.

strawberries1

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

SRH what did you do in the end?

csgohan4

owitemisermusa wrote: »

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.

Really depends on the circumstances tbh, if your military or work in an oil rig e.t.c


Your work and circumstances will be different to OP

MonkeyDr

I had CTL from HSBC in 2013. No hassle at all, although they did insist on doing it all quite last minute.

I did it as was moving into partner's flat. They seemed quite happy with that explanation.

CTL was for 1 year, and after that I didn't try to extend it, but switched to BTL anyway as wanted to increase my LTV to help buy new place together with partner (did have to pay a small amount of ERC as was in a 2 yr fix).

junesy

Hello,

I am in the same boat, but unfortunately I may have a disadvantage compared to others, but I don't know lenders' criteria.

I have lived in and owned the same property for 7 years, and been with HSBC for 5 (two separate mortgages). Never a late payment. I am up for renewing my mortgage, and HSBC has some reasonable products. I need to renew now, but will likely either sell my place or let it this summer, so I need a product with flexibility. They have trackers with no ERC giving me selling flexibility.

My issue may be that I will be moving overseas, which I suspect will not be looked upon favourably. I have very low LTV, so I hope that works in my favour, though I want to increase that to release some equity.

So, I think what I should do right now is try to release a modest amount of equity, and get a low LTV non-BTL product, and then ask for consent when the time comes to do so. Does that sound like the right course of action? Or is that risky? The problem I see is that they refuse, but as the product I am looking at has no ERC, the only issue I see is hassle and having to repay any product fees upon moving to a BTL mortgage.

The other option is to get a BTL mortgage now, but I will need to live in the property until at least summer and I may sell it then.

pink_pirlie

I got CTL from nationwide and it was ongoing for 3.5 years until I moved back in October to sell the property.
I got it as I went to Australia.
I think I had to pay an application fee but I don't remember how much now, and after the initial 6 months a 1% premium on my mortgage.

Very easy. No difficult questions. LTV of around 80%.
I did it all over the phone / downloaded a form off the website.
As I was travelling and unsure about my work position I also extended the term on my mortgage at the same time so fees I paid could have been to do with this rather than the CTL.

I had lived in the property for 2.5 years before I went abroad.

Thrugelmir

junesy wrote: »

My issue may be that I will be moving overseas, which I suspect will not be looked upon favourably.

That depends on your individual circumstances. The point of CTL being to provide a temporary arrangement due to a need to reside elsewhere.

junesy

So, are you saying that HSBC CTL may depend on whether or not I say I am going to return?

csgohan4

junesy wrote: »

So, are you saying that HSBC CTL may depend on whether or not I say I am going to return?

Depends on the reason you need CTL

junesy

Well, we are leaving the UK, and this is likely permanent, but we probably want to keep the property for a year or so, possibly more. We want to suck some money out of our mortgage but our LTV will remain below 60% given a lower number than what recent EA estimates have given for the value of the property (also, my research suggests that I am using a conservative estimate for the value of the property). The rental payments will more than cover the new mortgage payments. We want to take about 120,000 extra out of the mortgage to give us some capital should we wish to buy a place in our new location.

We need to remortgage now, but will leave the place in the summer.