Consent to let vs BTL - affecting borrowing

[Deleted User]

Did you do the original application with a broker?  Brokers can still do porting with nationwide so might be worth just getting someone to go through it all properly.  Worst case scenario you get a proper understanding of why it isn't fitting 

comptp

Great point and no we didn’t. Just called them directly. 

Appreciate the advice, honestly 

amnblog

Your mortgage on the let property is not self financing under Nationwide Criteria, and will be denting your affordability as a result. The incoming rent has to be 45% higher than the mortgage payments. If not, as is the case here, the difference is taken into account by Nationwide.

comptp

Thanks. I think we’re going to take my wife’s name of the mortgage tomorrow when we transfer to buy to let under new mortgage to her sister. Keeps it simple and removes chances of mortgage not being high enough when we come to need it. Assuming my wife will need to gift/sign over her half. But easiest way...:

[Deleted User]

Or change it to interest only?  
That would reduce the payment and might push it in to being covered under the 145% rule.
You could always still pay the same amount in as an overpayment if desired. 

comptp

Feel like I might need to find a mortgage broker in the morning pre call with BTL lender to check this stuff. We might be being naive in thinking best plan is to keep smashing most we can off the mortgage (we were unintentional landlords when we first started, wanted to move quickly and couldn’t be bothered selling) and it’s just kept working.