Will I have my "consent to let" agreed from HSBC if I accessed the Help to Buy ISA 3k bonus?

kathypeanuts

Hello,

I am hoping to go travelling for 6 months later this year.

I would like to apply for "consent to let" from HSBC to rent out my flat on a temporary basis.

I used the Help to Buy ISA and accessed a 3k bonus when I bought the flat.

I can see information about Help to Buy equity loans, meaning it is difficult to sublet a flat.

However are the rules different for this, given it is a 3k bonus instead of a loan?

Is it likely that HSBC will approve this request, if there is a small amount of help to buy money?

Many thanks,

Katie

Debbie9009

If you are only going travelling for 6 months most people would recommend that you don’t rent your flat out.  You are unlikely to find tenants who only want to rent for 6 months.  Also when you return there is no guarantee that they will just move out so that you can move back in.

Might be worth you looking at this aspect first before applying for consent to let.

GrumpyDil

Yup, for a six month period it simply isn't worth the hassle. 

You might find perfect tenants who move in and out to support your timings or the tenants from hell who make you evict them meaning they are in the flat for 10 to 12 months (or possibly more) and when they move out trash your flat at the same time.

For 6 months of rental income I would look at other options. 

silvercar

kathypeanuts said:

Hello,

I am hoping to go travelling for 6 months later this year.

I would like to apply for "consent to let" from HSBC to rent out my flat on a temporary basis.

I used the Help to Buy ISA and accessed a 3k bonus when I bought the flat.

I can see information about Help to Buy equity loans, meaning it is difficult to sublet a flat.

However are the rules different for this, given it is a 3k bonus instead of a loan?

Is it likely that HSBC will approve this request, if there is a small amount of help to buy money?

Many thanks,

Katie

Totally different rules. The equity loans have a condition that prevents letting out as a general principle. The HtB ISA only requires that you are buying as a residential property ie intending to move in as your main home on completion.