Consent to let - Yorkshire Building Society

hart89

I have a 5 year fixed rate mortgage with YBS which I took out in March 2019. Myself and my partner are going through a break up, and I am considering moving back to my home town which is an hour away as I have no family or friends where I currently live. I intend on living with my mum for a bit, I just can't face living here with no support or F&F near me. 

I am considering applying for consent to let on my apartment here, does anyone know what kind of conditions they allow this?? My long term plan was to save to buy a second property, so ideally I do not want to sell my apartment to buy one in my home town, I'd like to continue to save to buy if possible and letting out my apartment will allow me to do this. 

Newnoel

Sorry to hear about your breakup. When we got married, my missus had an existing mortgage with YBS which she renewed on a yearly basis. From memory, there may have been a small charge of less than £100 a time. She eventually moved to a 5 yr fixed BTL product with them. All quite painless really, so long as the rent numbers work.

Just give them a call to discuss.

steampowered

I believe YBS add an additional 1% interest for consent to let. There is a form to complete on their website.

hart89

Thank you for your responses. Yes I have seen the form on the website, and am aware of the 1% on top of the interest rate, that isn't a problem. I'm just wondering if anybody knows under what circumstances they will grant permission to let and if their quite strict with it or not. I'm hoping I can, as will be forced to sell if I do move which I don't really want to do especially given the current housing market situation. 

csgohan4

hart89 said:

Thank you for your responses. Yes I have seen the form on the website, and am aware of the 1% on top of the interest rate, that isn't a problem. I'm just wondering if anybody knows under what circumstances they will grant permission to let and if their quite strict with it or not. I'm hoping I can, as will be forced to sell if I do move which I don't really want to do especially given the current housing market situation. 

CTL is lender/borrower specific, some lenders are ok, some not. Ensure you have a plan B if the lender declines as it is at their discretion. Remember it is meant to be a temporary thing with a view for a BTL product, but some on here have had CTL for a number of years. 

But with the current situation, lenders are tightening their belts and criteria

NatalieGatti1985

Hi,

I realise this is an older post now but I wondered if the original poster (or anyone else who might have applied to Yorkshire Building Society for Consent to Let) had this approved by YBS & if so how long roughly did it take for them to process your consent please.

I have just sent off my C2L form to them yesterday.

Thanks, Nat