Consent to Let

newbridge

tasha35 said:

Hi,
I wonder if you can advise please. We seem to be stuck between a rock and a hard place.
We have a fixed rate on our mortgage that ends 31/08/2020, we are on under 2% apr.
We are changing careers and hopefully moving to the south west.
We would like to rent our property out whilst we find iur feet in our new careers and location.
However, we appear to have a slight issue. We can do a consent to let starting August 2019, that could be valid for up to 3 years. This means we keep the rate we are in now plus 1% to change the terms.
The concern is when that comes to an end next August when the fixed rate is up, we’ve been told if we are on a consent to let we cannot do a new deal, we’d have to sit on the variable rate which is around 4-5% plus the 1% for the let.
This seems crazy that we are forced into the rate when there are better deals.
There could maybe be the option to do a buy to let, but we are not buying a new property yet, we were going to rent in the south west for the first few years, but as it stands the profits we hope to have made will now be non existent in year 2.
Is there anything we can do?
Our salaries are going to be lower as we are starting from scratch so I’m worried that a buy to let won’t even be feasible esp when we are doing a let to let.
Hope that makes sense.

I know its an old thread. But wondering what you did in the end? I am quite curious to know(in bold above) whether they allowed you to move to another product/lender after the fixed period.
Is the CTL agreement for 1 year binding beyond the original fixed term?