Central Trust second mortgage consent to let?

Whymeagain

Hi, I have a secured loan with central trust.

I need to ask for consent to let. Main lender has already agreed. But central trust operator I initially spoke with said its again a their terms and very unlikely but taken on a case by case basis. I have a job offer abroad, no job here, various money problems and this would stop me getting back on my feet. Please can anyone tell me if central trust is the type to say no or did I just get a jobsworth on the phone this time? Thank you

foxy-stoat

Maybe worth thinking about selling your property and take whatever equity you have left and start again. Do you really want to be a Landlord with previous money problems?

Whymeagain

It's better than being out of the property market entirely with little hope of getting a further mortgage.... I'd rather keep the house, rent it out then return to it at some point and have a retirement home. I'm no spring chicken.

Thrugelmir

As was said to you. CTL is based on a case by case basis. As it's a second charge lender they may take an extremely cautious stance. After all it's their money that they are risking. Renting out the property doesn't guarantee a positive outcome.

djphig

It's likely that the decision is taken on a case by case basis as you have been told. Although it's not out of the realms of possibility, my gut instinct would be that they would say no.

If you go ahead and rent it out anyway, and then the lenders found out, you would be in a breach of your mortgage terms & conditions and they are likely to call in the debt immediately.

Think carefully

foxy-stoat

Whymeagain wrote: »

It's better than being out of the property market entirely with little hope of getting a further mortgage.... I'd rather keep the house, rent it out then return to it at some point and have a retirement home. I'm no spring chicken.

Why little hope of getting back on? Unless you plan on spending all your equity on anything other than property.

Becoming a landlord in a different country isn't as easy as it sounds.