Consent to lease on retention

BrianN

Hi there - newbie just looking for some advice.

I’m coming up to leave my fixed rate in July (2 years into my mortgage on my flat) and need to consider a remortgage. According to latest valuation I should be under 75% LTV. No issues with mortgage to date - everything paid on time etc.

Issue is that I’m being considering for a work opportunity in London so if this happens I would have to move. If it gets approved I’d likely need to move in the next few months (it could be as soon as July!). It’s meant to be a year but it could extend if it goes well.

So here’s my question: should I risk getting a 2 year fixed residential retention with my current provider (Halifax) and hope that they grant consent to lease (and would extend it if required) potentially even immediately? The risk is that of they deny my request (or potential extension) I am stuck in the flat and can’t take up any offers.

So my questions are:

- how likely is it I would get consent to lease (and/or potential extension) if I stay with my current provider?
- what documents do they normally require to get consent (and/or extension)?
- outside option - I could get a buy to let to remove the headache. Problem is I still don’t have confirmation I am going to move and for how long!

So slightly atypical situation - unfortunately I’m in a position where I don’t have certainty over my next few months and need to make a decision about remortgaging in the interim. Any advice appreciated!

muhandis

From my experience with Nationwide, when we got a CTL to move closer to work, all we had to do was fill a form. No evidence was required. We weren't even moving cities, just about 15 miles (from outer to inner London).

From what I've seen on these forums, its rare that banks refuse CTLs or ask for any evidence as such. Some banks have a minimum LTV requirement but at 75% you comfortably meet that ask.

Bear in mind that usually once you get a CTL, you may not be allowed to switch to another residential product. At least that is the case with Nationwide, might not be the same for Halifax.

BrianN wrote: »

Hi there - newbie just looking for some advice.

I’m coming up to leave my fixed rate in July (2 years into my mortgage on my flat) and need to consider a remortgage. According to latest valuation I should be under 75% LTV. No issues with mortgage to date - everything paid on time etc.

Issue is that I’m being considering for a work opportunity in London so if this happens I would have to move. If it gets approved I’d likely need to move in the next few months (it could be as soon as July!). It’s meant to be a year but it could extend if it goes well.

So here’s my question: should I risk getting a 2 year fixed residential retention with my current provider (Halifax) and hope that they grant consent to lease (and would extend it if required) potentially even immediately? The risk is that of they deny my request (or potential extension) I am stuck in the flat and can’t take up any offers.

So my questions are:

- how likely is it I would get consent to lease (and/or potential extension) if I stay with my current provider?
- what documents do they normally require to get consent (and/or extension)?
- outside option - I could get a buy to let to remove the headache. Problem is I still don’t have confirmation I am going to move and for how long!

So slightly atypical situation - unfortunately I’m in a position where I don’t have certainty over my next few months and need to make a decision about remortgaging in the interim. Any advice appreciated!

amnblog

Lenders, including Halifax are usually comfortable with consent to let provided they understand it is a temporary arrangement.

They don’t ask for any documentation.

Not done one for a while but this is how Halifax used to handle consent to let.

If you are on product they will let that product run its course. When you need a new product they offer a consent to let product which is competitive. Consent to let on a mortgage over £500K needs to be signed off up the food chain.