Consent-to-let to buy. Can they do this?

foxy-stoat

INeedToStartAGarden said:

katie91_2 said:

We’re in a similar situation, we own a flat which we couldn’t sell due to EWS1 (albeit now can due to receiving an A1 a few weeks ago) so proceeded with our purchase and mortgage offer on the basis of having an existing mortgage. 

We received our offer from Halifax last week via Habito, who I have to say were very helpful with the whole situation. We had to provide a letter from a registered estate agent confirming the potential rental income of the flat but other than that it was very straightforward. As others said it will come down to affordability, we luckily have quite high LTV in the flat so both mortgage payments combined are about 40% of our net salary - I assume we were offered to based on being able to pay both mortgages in case of no or a non-paying tenant.

So they will do it. We could absolutely pay both mortgages too, however they can't take my income into account as I will be between jobs at the time of moving. What a nightmare. Glad to hear of someone who has actually managed to get their hands on the EWS1 form though! Best of luck with your move.

I would wait until you are back in full time employment before making the move, also have 6 months worth of savings in the bank to pay the mortgage if the country goes into another full lockdown and the tenants lose their income for a few months and you arent able to evict them.

You will need to save a percentage of the rent for the HMRC of course.

Thrugelmir

INeedToStartAGarden said:

Thrugelmir said:

Mortgage advisors aren't in a position to make binding promises on behalf of their employers. 

Then I really do fail to understand the whole point of that persons job and that entire part of the process! 

In that case you've learnt something!