Consent to Let refused & EWS B2 rating

Jiman_78

Hi all, I am looking for advice. My flat in South London has received a B2 rating so currently unmortgageable and I cannot sell (other than to try and find a cash buyer at huge knock down). I lost my job in first lockdown and have a new job that is a 3 hour drive away, has been ok whilst working remotely but now need to start going into the office. I need to start looking for a place to rent near the new job but i can't afford to pay this rent and my existing mortgage so I was planning to let out my current flat. I approached my mortgage company to obtain a Consent to Let however they flat out refused and will not allow any sort of appeal. I can't switch to a Buy to Let mortgage because with a B2 rating I won't get it. I am facing having to pay for rent near my new job whilst paying mortgage and service charge and I'm faced with £10k cladding bill. Can anyone recommend a way to help. I'm really desperate and distraught. thanks 

Jiman_78

Also I forgot to add that my mortgage is with Clydesdale Bank. I am also worried that they may now try and call in my mortgage and make me pay it back now they now I have a B2 rating. Is this possible?

K_S

@jiman_78 They won't call it in, there's nothing in it for them if the property is currently "un-saleable" due to the cladding issue.

I surprised to hear that they took such a blanket approach. I have had plenty of clients where the lender was willing to show some discretion on CTL due to the cladding issue being at the bottom of it.

All I can suggest is considering making a formal complaint to Clydesdale highlighting the financial issues and distress that the refusal of a CTL may cause, and the underlying reason being cladding. I hope I'm not mis-remembering but another TSB borrower on this forum came up against a brick wall on a CTL application which was later granted after a formal complaint. Good luck!