Consent to let- not allowed!

Mike_88

Hi all,

I have a fixed rate mortgage (deal ending in July) and was hoping to go and work abroad, in the UAE, for 2/3 years from the end of July.

My sister is looking to move out of my parent's house so was hoping to gain a letter of consent to allow her to live in the property whilst I am away. I would pay the mortgage myself. This would be ideal as I will be back home for around a month each year so could stay in my own house.

However, my mortgage provider says I cannot 'rent' to a family member even though I'd pay the mortgage. When questioned, this is due to 'policy'. They said my sister is allowed to 'keep an eye' on the property for me but I can't be away for more than 60 days.

Has anybody got any bright ideas? Is the end of the deal looming a problem? Do all providers have this policy? (This is my first mortgage deal so I'm unsure). I could obviously rent it out to a 3rd party but I'd rather not!

Any advice would be appreciated! Argh!!

Caz3121

you will need to look at Regulated Buy to Let mortgage for renting to close family

Mike_88

Thanks. Do you know roughly how much more expensive they are than a regular residential mortgage?

financegeek

I could be wrong and I'm not sure who you'd check with, but assuming you're keeping a room for yourself and your sister wouldn't have exclusive use of the whole property (e.g. you could come and go as you please) i'm not sure this would count as a BTL?

poppy10_2

financegeek wrote: »

I could be wrong and I'm not sure who you'd check with, but assuming you're keeping a room for yourself and your sister wouldn't have exclusive use of the whole property (e.g. you could come and go as you please) i'm not sure this would count as a BTL?

That's not how the rules work. Otherwise all landlords would claim to be using some box room and then avoid having to use BTL mortgages