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Consent to Let and new mortgage advice
MisterMotivated
Posts: 608 Forumite
I'm hoping someone on here can offer some insight.
I'll try to keep it short; I'm looking for advice on how strict mortgage lenders normally are when you apply for a residential mortgage (been renting for the past year but looking to buy again), but already have a rented property on residential mortgage with consent to let (I used to live there, nothing untoward going on). Is it a major stumbling block, or are they generally okay with it provided you're up front about it and all the legal boxes are ticked regarding tenancy?
I'll try to keep it short; I'm looking for advice on how strict mortgage lenders normally are when you apply for a residential mortgage (been renting for the past year but looking to buy again), but already have a rented property on residential mortgage with consent to let (I used to live there, nothing untoward going on). Is it a major stumbling block, or are they generally okay with it provided you're up front about it and all the legal boxes are ticked regarding tenancy?
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Comments
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Not a problem. It just need managing as some Lenders can be tricky.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Will your CTL be extended in the future if the lender discovers you've another residential property. CTL suggests you intended to return.
Are both mortgages affordable is a key question.0 -
Thanks both.
The current lender has confirmed consent to let for the term of the mortgage, i.e. next 20+ years, so shouldn't be an issue.
Both mortgages are easily affordable.
I'll switch to a BTL at an appropriate time, though CTL rather than BTL made most sense at the time.0
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