Consent to let mortgage

alexscoines

Hi,

We have a mortgage with TSB, with another 4 years on it (and a hefty redemption fee if we leave!). We are thinking of renting our house out to rent a bigger place ourselves.

Anybody know how flexible TSB are with giving consent to let mortgages? What happens after 2 years?

If we don’t sell our property within the two years do we have to pay capital tax??

All help appreciated!

Alex

KnowledgeIsLife

Based on the information about your mortgage booklet (Google it) it would seem pretty straight forward you apply and it lasts 12months for a fee of 225 if you want to keep letting after the 12months your have to reapply and pay another 225 and this goes on ever 12months it does say if you intend to let your property out permanently they will request you change it to a buy to let mortgage which would be redemption of your existing mortgage including ERC and applying for a BTL mortgage so maybe just say it's termporary to avoid this I unfortunately have no idea about the second aspect of your question maybe speak to your lender or do some research yourself

silvercar

If we don’t sell our property within the two years do we have to pay capital tax??

Potential liability, depends on the profit, your CGT allowances, time you owned it etc.