Consent to Let

Sir_Robert

My partner's business has been struggling since the coronavirus and has recently moved in with me. She has a mortgage with the Loughborough Building Society and a friend interested in renting the property, however when she contacted the mortgage company about to consent to let, she was refused. They have suggested that she changes to a buy to let mortgage, but we aren't sure she would make the criteria, whilst we don't want to sell, in case we wanted to move back when our kids have flown the nest (its a lovely, if quirky house).

I spoke to a friend who is a mortgage advisor and he seemed convinced that the mortgage company would always grant consent to let on a temporary basis in difficult circumstances, so I was wondering if anyone had any experience or advice of doing this? Thanks in advance.

dimbo61

Well the mortgage advisor could be wrong as some lenders don't do BTL mortgages or offer consent to let to existing owner occupier customers.
Could you move in with your partner and rent out your property ?
Your partner is free to take a lodger or two is the property is big enough ?
Lots of people are looking for a place to live !
If they can't afford the mortgage they might have to sell 
The market looks very good at the moment with lots of people looking to buy.

Sir_Robert

Thanks, Dimbo! The mortgage company are encouraging my partner to go onto their own BTL - given everything going on at the moment, I'd have thought consent to let was a pretty easy win for everyone involved.

Living in my partner's house isn't really an option as it only has two bedrooms and we have three kids between us (schools are also an issue) The houses is pretty unusual, as it has four large reception rooms (she keeps one as a music room with her grand piano), but with only two bedrooms; hence it's value is pretty limited, but we'd like to hang onto it. 

Any ideas are appreciated!

Thrugelmir

Put sentimentally to one side and sell the property. CTL is only a temporary measure. Which doesn't appear applicable in your circumstances. 

Sir_Robert

Update: we complained and the mortgage company gave us consent to let for one year.

Thrugelmir

A year will soon pass.