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Which lenders allow indefinite or maximum consent to let...
IAMIAM
Posts: 1,311 Forumite
It seems to be a standard 2 years, but which lenders allow a continuation beyond this (those that charge a higher %?)
Is it worth having a residential mortgage with a buy to let lender (Nationwide/HSBC etc) should the switch need to be made to a BTL mortgage at the end of the two years?
Thanks,
Is it worth having a residential mortgage with a buy to let lender (Nationwide/HSBC etc) should the switch need to be made to a BTL mortgage at the end of the two years?
Thanks,
0
Comments
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I shouldn't think any, as the CTL is only meant to be a stop-gap. If you change mortgage product, it will need to go through underwriting again anyway. No guarantee the present lender will say yes."Real knowledge is to know the extent of one's ignorance" - Confucius1
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CTL is a temporary arrangement at the lenders discretion. Possibly 3 years maximum. After which there well be an interest loading or requirement to switch to BTL.0
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I don't think there are any lenders that grant CTL indefinitely. Usually you have to apply for 12 months at a time and eventually the lender will tell you to get a BTL mortgage.0
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Nationwide a BTL lender? Nope. It has a separate off-balance sheet subsidiary called The Mortgage Works.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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I have indefinite consent to let with The One Account but this from years ago and I don't think they are taking on new customers anymore.0
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