Consent to let extention question

rob3001

Nearly 4 years ago we bought our council house with the government Right To Buy Scheme.  We lived in it for about a year and then due to a change of circumstances we had to move.  Rules of the scheme say that if you sell within 5 years the discount that we received would have to be paid back on a sliding scale, which for us would have been £67k. We decided to rent the property out but we couldn't get a BTL mortgage because the lenders didn't like the fact that the council still have an interest in the property up until the 5 year anniversary of the purchase.  We were able to get a consent to let agreement with Santander until the end of the 5 year fixed rate period of our existing mortgage at which time we need to convert to a BTL mortgage.

The end of the fixed rate period comes to an end next August, but the 5 year period in which the council have a charge on the property ends in October.   So, when we come to convert to a BTL in August we will be in the same position that we were in 4 years ago, the council will still have a charge on the property, although this would only be for another 2 months.  Does anyone know if the Santander would extend the consent to let agreement to take us up to the October when the council would have no interest?  We could then convert to a BTL at this point.

Thanks

dimbo61

I would wait and see what Santander say to you ! 
If you don't raise the subject with them they may continue with the consent to let.
It is only 2 months and any letters they send out will give you a period of time to either apply for an extension on the Consent to Let or ask you to arrange a mortgage with another company.
I assume your on a repayment mortgage so the debt is decreasing each month.
You also had £67,000 of equity via the right to buy.
So let sleeping dogs lie as Santander have lots of mortgage customers in arrears at the moment