Remortgage + consent to let with Halifax - term length question

BibBub2025

Hello everyone,

My current Halifax mortgage product ends in February, and I have a 10 year fixed rate locked in, for a 26-year mortgage with around £295k remaining (around 70% LTV). There is a possibility that I might move country next year, and I’d like to keep the flat to rent it out if I do move.

I had been planning on keeping the 10 year product and getting permission to rent from Halifax (which looks doable in my circumstances after a call with them). Shifting my residential product to a BTL isn’t possible with them. However, after a couple of conversations, it looks like risking rental permission for more than a few years might be difficult, and I’m now worried I’ll be stuck with a long product if permission to rent is rescinded or denied.

I’m wondering whether it might make more sense at this stage to get a shorter product, seek permission to rent, and then switch across to another lender when that term ends (either 2-5 years), and shift across to a BTL with someone like HSBC, while I’m living abroad (if that happens). I can’t shift to a BTL in February, as I wouldn’t be moving until later in the year at the earliest. Even shifting to another lender right now feels a little tight…

If I did shift to a shorter term, would a 2 or 5 year make the most sense?

Any thoughts would be welcome - happy to give further info.

martindow

First things first - does your lease allow you to rent out your flat?

born_again

martindow said:

First things first - does your lease allow you to rent out your flat?

Followed by do you have any understanding about your responsibilities when renting?

BibBub2025

martindow said:

First things first - does your lease allow you to rent out your flat?

Thanks for responding! Yes I’ve checked the lease and with the management company, and yes they allow. We don’t need permission, so long as it’s rented as a whole property (not sublets), which we’d do anyway. Good to flag though, thank you.