Anyone any experience of consent to let with Santander?

IAMIAM

I may move with work abroad or in the UK, but want to keep the house. They have a great 1.55% 5 year fix with £1249 fee that I am tempted with, but do not want to be in a situation where I may have be forced to sell after a year or two if I move. Thoughts?
Do they charge a fee and increase the rate? Is there a fixed period to CTL with them?

K_S

@IAMIAM The last time I helped a Santander CTL (late 2019), it was a flat £295 fee, no interest surcharge, you needed to have had the mortgage for at least 6/12 months before applying for a CTL. Not sure if it has changed since then.

Of course, CTLs are always subject to lender discretion but high-street lenders usually decline CTLs only for a set of circumstances such as current arrears, too close to taking out the mortgage (or additional borrowing).

IAMIAM

Interesting, thanks for that. So a flat fee, no increase in rate and no defined term of 1/2 year for CTL?

K_S

That's how it was last year, don't know if it has changed since.

One of the conditions of being able to apply for a CTL was that it should have been a minimum of 6 or 12 months (I can't remember exactly which of the two) since you took out the mortgage or any additional borrowing.

If you may only move after 1-2 years, then that shouldn't be an issue.

[Deleted User]

looked in to this for a client last year for a client that was leaving the country for work.  Similar to K_S info really

have to have mortgage for 6 months.   Will allow residential rate to carry over.  Will authorise for 2 or 3 years at a time and if your rate expires in the midst of consent to let you can just do a product switch to a new residential rate.  no loading.   

They told me all this over the phone without evening giving them any account info so just give them a call and ask.

K_S

Deleted_User said:

looked in to this for a client last year for a client that was leaving the country for work.  Similar to K_S info really
have to have mortgage for 6 months.   Will allow residential rate to carry over.  Will authorise for 2 or 3 years at a time and if your rate expires in the midst of consent to let you can just do a product switch to a new residential rate.  no loading.   
They told me all this over the phone without evening giving them any account info so just give them a call and ask.

I didn't know that about Santander! A great feature to have indeed. Afaik, most other lenders don't allow borrowers to do a PT while on a CTL. Thanks for sharing.