HSBC consent to let

SuperHan

Hi,

We are thinking of applying for a consent to let on our residential mortgage with HSBC.

We have found our dream house and for various reasons think we would struggle to sell our flat in the short term. We would like to rent it out for the next year, see if the problems are fixed by that time (and the management company leads us to believe they will be), and if they are then sell.

We could look at moving to a buy to let mortgage, but expect we will have valuation issues for the above reasons and have an ERC that we'd rather not have to pay, particularly if we are going to sell in a year when the ERC won't apply any more.

Does anyone have any experience on whether we would be likely to get CTL and how liberal HSBC are with 12 month CTL? Will this be sufficient reason for them?

csgohan4

CTL are at the discretion of the lender, maybe 6 months e.t.c, some lenders only give you for a certain period, give them a ring and see

SuperHan

csgohan4 wrote: »

CTL are at the discretion of the lender, maybe 6 months e.t.c, some lenders only give you for a certain period, give them a ring and see

We will do, but we can only apply two weeks before we need it - so just wanted to anecdotally get a feel for whether it would be successful !

Thrugelmir

SuperHan wrote: »

We will do, but we can only apply two weeks before we need it - so just wanted to anecdotally get a feel for whether it would be successful !

There's no harm in having a discussion in advance. At least obtain the broad criteria.

csgohan4

OP note that HSBC are one of the more stricter lenders and you may find it difficult or only for a short time interval

FIRSTTIMER

HSBC are strict but I have know then to do 12 months first and then a further 12 months max before they want to move you to BTL. Lenders like YBS and Nationwide etc tend to let you and either charge you a fee or usually an increase of 1% on rate

kamb1ng

OP what's the outcome from your situation?

I need to remortgage in January and my broker is suggesting HSBC but there is a possibility I may move abroad (50% chance) in the next 6 months for work. So I'm getting nervous about getting HSBC mortgage and having to request CTL.

I'm also a Premier member but not sure if that makes any difference.

Many thanks.

creechitup

OP, would love to know what happened since i'm in almost the same boat.