We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has anyone been in a position where consent to let has expired....and the lender goes berserk...
IAMIAM
Posts: 1,386 Forumite
Well maybe not berserk, but what options are you given and if it is to remortgage to BTL or sell etc, do they give you leeway in terms of time.
HSBC (2 year consent to let)
HSBC (2 year consent to let)
0
Comments
-
It is usually switch to a BTL or sell.
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
With a timescale or asap. That takes times....0
-
The lender is in a position to dictate whatever terms it wishes. Obvious approach would be a penal interest loading to encourage the borrower not to abuse the situation.0
-
IAMIAM said:Well maybe not berserk, but what options are you given and if it is to remortgage to BTL or sell etc, do they give you leeway in terms of time.
HSBC (2 year consent to let)@IAMIAM Realistically speaking, I've never come across a mainstream residential lender 'go berserk' or force you to do anything unreasonable at very short notice.Unless I've mixed-up my lenders, for a client of mine on a 5-year fix, they were happy to extend CTL to the end of the fixed term upon which she remortgaged to a BTL. Every situation is unique so that is not to say that you will necessarily have the same outcome.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
0 -
They would want you to do is as soon as possible.
They are aware it will take time, but it should not take more than 2 months in the main. If you can show them that an application has been submitted, they will probably give you some time to get the valuation done and legal work carried out.
If you have done nothing after 3-4 weeks then yes they probably will start applying a little more pressure.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards