Barclays consent to let - conditions

304 Posts


These are possibly stupid questions, and I've looked in here but can't find the answer.
We have a 5-year fixed mortgage with Barclays which ends in October 2022, ie next year.
We are moving abroad at the end of this year, and want to obtain consent to let. (We are not selling immediately, just yet in case we have second thoughts and want to come back.... and yes I'm already aware of the pitfalls of becoming LL's, especially in the current economic environment)
Question 1: The application form on their website has a condition stating "It must be your intention to reoccupy the property on expiry of the
tenancy" The problem is we don't plan to move back in. Once the fixed term is up next year we will switch over to a BTL, and then eventually sell up. Is this going to be an issue for Barclays?
Question 2: Another condition is that the rent must cover the mortgage. I'm not sure whether ours will (have yet to speak to an estate agent). However we have been overpaying the mortgage every month since day one (by nearly 25%). Will they take this into account?
Question 3: Should we be asking a broker to help with the application given I'm already struggling with the conditions, or is that not an option in this situation?
Any advice gratefully appreciated!
Any advice gratefully appreciated!
0
Latest MSE News and Guides
Replies
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.
On point 2, that is very useful to know. I'd not realised recalculating the payment was an option as we've never needed to. We've overpaid around £18k and the monthly payment due has remained the same throughout. Thanks again
If I wanted to find out whether the monthly repayments can be lowered (given we have made £18k of overpayments), is this something I should do in advance of submitting the consent to let application?
If so, is there a specific area within Barclays that I need to speak to?
You can work out what the payment will be using amount, rate, and remaining full term.
You can investigate potential rent.
That will tell you if you also need to increase full term to get payment down
Check current BTL rates against your current rate to see if that also stacks up.
Do you contingency in case you get no rent.
Worked out the monthly repayment and it only decreases by £123/month, so not a lot unfortunately!