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Second Residential Mortgage/Consent to Let (Halifax)
akorn77
Posts: 208 Forumite
Hi All,
I had an offer accepted Monday and a successful AIP done today. As this will be a 2nd residential (I have 3.5yrs left on current residential fix), my broker instructed me to get an ARLA Letter and apply for Consent to Let.
Regarding Consent to Let, on the submission form there was a question saying "Do you intend on moving back to the property?". When you click "Yes" it asks you for a date and when you click "No" it says "You cant let out your property for more than 3 years, please get a BTL mortgage". My broker told me to click "No" (even though the submission form says you cant) because saying "Yes" indicates that you intend on holding 2 residential mortgages later down the line.
Just to note - everything else with my application is excellent and rental income on the Consent to Let is going to more than cover the mortgage payment.
Obviously stressing at the moment, wondering if anyone else has gone through the same?
Thanks!
I had an offer accepted Monday and a successful AIP done today. As this will be a 2nd residential (I have 3.5yrs left on current residential fix), my broker instructed me to get an ARLA Letter and apply for Consent to Let.
Regarding Consent to Let, on the submission form there was a question saying "Do you intend on moving back to the property?". When you click "Yes" it asks you for a date and when you click "No" it says "You cant let out your property for more than 3 years, please get a BTL mortgage". My broker told me to click "No" (even though the submission form says you cant) because saying "Yes" indicates that you intend on holding 2 residential mortgages later down the line.
Just to note - everything else with my application is excellent and rental income on the Consent to Let is going to more than cover the mortgage payment.
Obviously stressing at the moment, wondering if anyone else has gone through the same?
Thanks!
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Comments
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Your broker sounds like a cheating crook only caring about his commission. Fire him, find an honest one.
Why on earth have you not spoken to your current lender in an open and honest manner?
You need to avoid raising red flags, ending up on the "Hunter" system and being blacklisted for loans and mortgages as a suspected fiddler.0 -
I did speak to Halifax before, and again today. They said its fine to put my house on Consent to Let for 3 years, provided I renew every 12 months. Its just that their form isnt very good.theartfullodger said:Your broker sounds like a cheating crook only caring about his commission. Fire him, find an honest one.
Why on earth have you not spoken to your current lender in an open and honest manner?
You need to avoid raising red flags, ending up on the "Hunter" system and being blacklisted for loans and mortgages as a suspected fiddler.
Broker said I need to apply for the Consent, so when the valuer & underwriter pick up the application they can see that the current one will be rented out.0 -
Thanks. You'll appreciate that when a fixed term tenancy ends (say 3rd one) tenancy does not end nor tenant compelled to leave. They are entitled to stay as periodic, monthly, tenant. A Landlord cannot prevent that happening.
Good luck!0 -
Anyone else gone through this same process?
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