TSB consent to let scenario

7sefton

Hi everyone.

I’m wondering if anyone either knows for definitive, or could hazard a good guess, about what TSB might do in the following situation...

I’ve had my residential mortgage with them since 2017, which comes to an end in November this year. 

For the past 6 months I’ve been renting my property out with consent to let from TSB, because my job has moved north for a bit. I’ll definitely be up north until April next year, and possibly extend for another year after that. 

Unfortunately the tenants have now given notice to leave in June due to Covid, but I’m hopeful I could get new ones in by August.

So I’m now faced with the prospect of getting new tenants in August, for a minimum of 6 months, but with my current mortgage deal expiring in November.

I guess the options are:
- go onto the SVR with consent to let
- take out a new BTL mortgage (one that doesn’t have a ERC, as there’s a chance I could move back in 2021)
- sell the flat (but I really don’t want to do this due to: uncertainty about post-covid market, the block is getting major work done next year which will increase its appeal, and I might want to move back anyway)
- suffer without tenants until November, switch onto a new residential mortgage, then get consent to let on it*

*I know you usually have to have the mortgage for 6 months before getting CTL, but this would be a product switch not a totally new mortgage so wonder if this would be ok?

Furthermore, I wonder if TSB might be a bit more understand and flexible due the current crisis and the pressure banks are under to show forbearance.

Any thoughts on what my best option could be, or any others you would recommend I consider?

Thrugelmir

TSB will most likely continue with the CTL. Though the new products offered to you may well reflect this fact. With an interest loading to compensate. 

What forbearance are you expecting? You like the bank are operating a business. Banks will under pressure from many directions. Not least financially distressed customers.