Halifax consent to lease - any recent experiences?

demonloop

Hi all,

Brief background first of all; we were granted consent to lease from Halifax in January 2015. We were relocating due to work at that time. However, we moved back to the same area a year later, but built a new house and continued to rent out the old house.

We have renewed the consent to lease every year without issue, but I have noted this year that the application form has changed and now asks a 'date to move back to the property'; my question is: does this indicate a tightening up of the consent to lease, or will they continue to renew so long as payments are up to date? Looking for any recent experiences.

We don't want to go on to a BTL mortgage, as they are usually repayment, whereas this one is interest only which leaves our payments lower and spare cash free to invest elsewhere.

Rachylou1981

I have just posted for advice re: BTL. I've replied to you as my mortgage company is Halifax and they have only granted me permission to rent for two years and then I must go on a BTL or move back into the property. I have another year so not too worried but need advice re: BTL as no idea how they work. I do not think Halifax will allow further renting so I think it may be the same for you.

Thrugelmir

demonloop wrote: »

We don't want to go on to a BTL mortgage, as they are usually repayment, whereas this one is interest only which leaves our payments lower and spare cash free to invest elsewhere.

No BTL is interest only.

Consent to let is historically only granted on a temporary basis. Halifax are simply returning to the norm.

demonloop

Thanks both; they've given us 3 years which I suppose we should be grateful for.

Amobhopal

I recently brought a new family house, but during the buying process after we exchanged contracts I was offered a placement with my work which was too good to pass up but meant we had to move away for 15 months. A couple of months after completing I asked for a consent to lease but was turned down because I've not had the property for more than 6 months. I've now learnt this approach is taken with pretty much all lenders . Wish I'd known that before otherwise I would of waited.

amnblog

Two points

Consent to let is only ever a temporary measure. If the Lender thinks it is a permanent arrangement they won't agree to it.

BTL remortgages in such cases can always be interest only or capital repayment as you wish.