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Refused Mortgage consent!?
blu11
Posts: 2 Newbie
Hi
My wife has just got a transfer with work and we need to move, we are intending to rent in the London where i already work.
We were planning on letting our house out, but have been told by Halifax that we need a minimum rent on it of 1000pm to get mortgagee consent from them. Expected rent would be 825pm. Loan pmts are 1100. We are on a good income and have no problem at all in paying the difference. I don't really understand why the lady i spoke to was so stingent, am hoping to speak to her manager and see if there are other options.
Anybody else been in this situation??
Would appreciate any advice/past experiences!
thx
blu
My wife has just got a transfer with work and we need to move, we are intending to rent in the London where i already work.
We were planning on letting our house out, but have been told by Halifax that we need a minimum rent on it of 1000pm to get mortgagee consent from them. Expected rent would be 825pm. Loan pmts are 1100. We are on a good income and have no problem at all in paying the difference. I don't really understand why the lady i spoke to was so stingent, am hoping to speak to her manager and see if there are other options.
Anybody else been in this situation??
Would appreciate any advice/past experiences!
thx
blu
0
Comments
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Many people faced with your dilemma would let without consent.
Just make sure you have the correct buildings insurance.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I'm hoping I can get it approved as would prefer not to be technically in breach of the loan conditions. blu0
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Halifax cannot be seen to be endorsing irresponsible lending.
Imagine the Daily Mail headline "Poor Mr Smith got the ok to let the property even though he failed Halifax normal lending criteria, and now he's facing repossession"
Thats a very real outcome were you to get into difficulty. You will say thier is no risk, but everyone ALWAYS thinks this at outset, but then they still blame the lender when it goes wrong later - lenders / brokers cant win. We are villified in the press for 'Irresponsible lending" and them critiscised when we act responsibly.
As stated people do let without consent but the buildings insurance risk must match the actual risk presented, so the difficulty comes if Halifax get sent a buy to let insurance schedule
Good luck0
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