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Consent to lease
murratsm
Posts: 4 Newbie
Hi,
I have currently a residential mortgage with Lloyds (previously C&G) on SVR with a LTV of approx 65%.
I have recently got married and have moved into my wife's house and I am considering renting out the property. I would naturally switch to a BTL mortgage but I have a poor credit rating due old credit card debits that won't clear from my credit report until Jan 2020.
I have never missed a mortgage payment and currently have no debt except for the mortgage. My worry is if I apply for a BTL i will be refused due to poor credit rating. I have considered seeking a consent to let but I am again concerned that this will be refused due to my poor credit rating.
I could sell the property but if I was able to hold on to it the rent will more than cover the mortgage payments and all costs associate - for me this would be the last resort as it is a sound investment.
Has anyone had any experience of or being in a similar position to myself?
All advice gladly welcomed.
I have currently a residential mortgage with Lloyds (previously C&G) on SVR with a LTV of approx 65%.
I have recently got married and have moved into my wife's house and I am considering renting out the property. I would naturally switch to a BTL mortgage but I have a poor credit rating due old credit card debits that won't clear from my credit report until Jan 2020.
I have never missed a mortgage payment and currently have no debt except for the mortgage. My worry is if I apply for a BTL i will be refused due to poor credit rating. I have considered seeking a consent to let but I am again concerned that this will be refused due to my poor credit rating.
I could sell the property but if I was able to hold on to it the rent will more than cover the mortgage payments and all costs associate - for me this would be the last resort as it is a sound investment.
Has anyone had any experience of or being in a similar position to myself?
All advice gladly welcomed.
0
Comments
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I have consent to let on my home. The bank charged me a fee for changing and put some conditions that I had to abide by (length of tenancy, landlord insure were two), so it can be done.0
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You won't be credit checked asking your lender for consent to let.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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