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    • user758
    • By user758 16th Mar 17, 10:46 AM
    • 4Posts
    • 2Thanks
    user758
    Consent to let - Nationwide or HSBC?
    • #1
    • 16th Mar 17, 10:46 AM
    Consent to let - Nationwide or HSBC? 16th Mar 17 at 10:46 AM
    Clue is in the title - does anyone have any experience with gaining consent to let with the above providers? I need to re-mortgage but am then hoping to move in with my boyfriend a few months later. I've narrowed it down to two deals - Nationwide tracker or HSBC fixed both for 2 years.

    I've had my house for 5 years and have always overpaid, LTV is 40%, mortgage payments are likely to be 400-550 (depending on the term, if I'm more likely to get consent with a lower monthly payment I'll do that) and rent would be 900-1000 so no problem with affordability.
    Just timing....

    Thanking yous.
Page 1
    • SRH
    • By SRH 16th Mar 17, 11:01 AM
    • 131 Posts
    • 72 Thanks
    SRH
    • #2
    • 16th Mar 17, 11:01 AM
    • #2
    • 16th Mar 17, 11:01 AM
    Following. In a similar position myself (posted earlier). I'm currently with Nationwide and they have refused consent on the grounds that as a building society they don't provide buy-to-let mortgages
    • liviboy
    • By liviboy 16th Mar 17, 11:17 AM
    • 414 Posts
    • 158 Thanks
    liviboy
    • #3
    • 16th Mar 17, 11:17 AM
    • #3
    • 16th Mar 17, 11:17 AM
    Following. In a similar position myself (posted earlier). I'm currently with Nationwide and they have refused consent on the grounds that as a building society they don't provide buy-to-let mortgages
    Originally posted by SRH
    Funny - Nationwide run an entire business dedicated to buy-to-let:
    http://www.themortgageworks.co.uk

    The website also seems to show they do indeed offer consent to let (but they do not provide BTL mortgages branded as Nationwide).
    http://www.nationwide.co.uk/support/support-articles/manage-your-account/letting-your-property/letting-your-property-overview

    If they want to refuse you permission/consent to let on a normal mortgage then that's one thing but they shouldn't be fobbing you off with a nonsense reason when they run an entire separate business for BTL landlords.
    • strawberries1
    • By strawberries1 16th Mar 17, 3:32 PM
    • 677 Posts
    • 146 Thanks
    strawberries1
    • #4
    • 16th Mar 17, 3:32 PM
    • #4
    • 16th Mar 17, 3:32 PM
    That's odd. This thread says otherwise.
    • kingstreet
    • By kingstreet 16th Mar 17, 4:13 PM
    • 33,367 Posts
    • 18,051 Thanks
    kingstreet
    • #5
    • 16th Mar 17, 4:13 PM
    • #5
    • 16th Mar 17, 4:13 PM
    Lender attitude to CTL is often formed from the tone of the phone call which precedes it.

    "I'm having to work elsewhere in the UK for a while and need CTL for a short period" will probably see you successful.

    "I'm buying another property and want to keep my current house as an investment" will probably told you to remortgage onto a formal BTL product as they are not in the business of providing BTL mortgages to investors at residential rates.

    That's usually the Halifax response from what clients have told me.

    Nationwide has a separate off-balance sheet subsidiary for BTL business, The Mortgage Works where the rates and maximum loan to value reflect the increased risk of non-owner occupation business.
    I am a mortgage broker. 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.
    • Thrugelmir
    • By Thrugelmir 16th Mar 17, 5:55 PM
    • 58,474 Posts
    • 51,846 Thanks
    Thrugelmir
    • #6
    • 16th Mar 17, 5:55 PM
    • #6
    • 16th Mar 17, 5:55 PM
    I need to re-mortgage but am then hoping to move in with my boyfriend a few months later.
    Originally posted by user758
    Minimum of 6 months with the new lender and possibly good justification will be required.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • glosoli
    • By glosoli 16th Mar 17, 6:54 PM
    • 673 Posts
    • 391 Thanks
    glosoli
    • #7
    • 16th Mar 17, 6:54 PM
    • #7
    • 16th Mar 17, 6:54 PM
    Why don't you just re-mortgage on a buy to let basis to begin with? You will inevitably have to switch it onto a buy to let at some point anyway.
    • user758
    • By user758 16th Mar 17, 7:30 PM
    • 4 Posts
    • 2 Thanks
    user758
    • #8
    • 16th Mar 17, 7:30 PM
    • #8
    • 16th Mar 17, 7:30 PM
    I'm not sure if that implies that moving in with a partner isn't a good and justifiable story. I don't want to get a BTL straight off because I need to remortgage soon but we're planning to move together later in the year. And if it doesn't work out I could take advantage of a break clause from letting. I feel like it is exactly what consent to let is designed for?
    • pascal22p
    • By pascal22p 16th Mar 17, 10:18 PM
    • 27 Posts
    • 13 Thanks
    pascal22p
    • #9
    • 16th Mar 17, 10:18 PM
    • #9
    • 16th Mar 17, 10:18 PM
    HSBC is 1 year only. It is possible to ask for 1 more year but not more.
    • owitemisermusa
    • By owitemisermusa 17th Mar 17, 1:17 AM
    • 934 Posts
    • 279 Thanks
    owitemisermusa
    Clue is in the title - does anyone have any experience with gaining consent to let with the above providers? I need to re-mortgage but am then hoping to move in with my boyfriend a few months later. I've narrowed it down to two deals - Nationwide tracker or HSBC fixed both for 2 years.

    I've had my house for 5 years and have always overpaid, LTV is 40%, mortgage payments are likely to be 400-550 (depending on the term, if I'm more likely to get consent with a lower monthly payment I'll do that) and rent would be 900-1000 so no problem with affordability.
    Just timing....

    Thanking yous.
    Originally posted by user758
    Having just remortgaged from HSBC I have first hand experience:

    HSBC were absolutely no hassle to get consent to let. No charges whatsoever, issued for the first year then let me be thereafter. I spoke to them several times and was never asked to renew it, simply stayed in place. Was on a CTL for 9 years and they were no trouble at all.


    HTH.
    Tough times never last longer than tough people.
    • owitemisermusa
    • By owitemisermusa 17th Mar 17, 1:18 AM
    • 934 Posts
    • 279 Thanks
    owitemisermusa
    HSBC is 1 year only. It is possible to ask for 1 more year but not more.
    Originally posted by pascal22p
    Unless things have changed, not accurate. See my post above.
    Tough times never last longer than tough people.
    • pascal22p
    • By pascal22p 17th Mar 17, 11:32 AM
    • 27 Posts
    • 13 Thanks
    pascal22p
    I talked to their mortgage adviser may last year about it. They only gave me a one year consent to let. Then you have to ask again and have been told I won't get more than 2 years. I confirm the no charges and no change of interest.
    • strawberries1
    • By strawberries1 22nd Oct 17, 10:19 PM
    • 677 Posts
    • 146 Thanks
    strawberries1
    Following. In a similar position myself (posted earlier). I'm currently with Nationwide and they have refused consent on the grounds that as a building society they don't provide buy-to-let mortgages
    Originally posted by SRH
    SRH what did you do in the end?
    • csgohan4
    • By csgohan4 23rd Oct 17, 7:24 AM
    • 4,427 Posts
    • 2,778 Thanks
    csgohan4
    Having just remortgaged from HSBC I have first hand experience:

    HSBC were absolutely no hassle to get consent to let. No charges whatsoever, issued for the first year then let me be thereafter. I spoke to them several times and was never asked to renew it, simply stayed in place. Was on a CTL for 9 years and they were no trouble at all.


    HTH.
    Originally posted by owitemisermusa


    Really depends on the circumstances tbh, if your military or work in an oil rig e.t.c


    Your work and circumstances will be different to OP
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • MonkeyDr
    • By MonkeyDr 23rd Oct 17, 10:20 AM
    • 142 Posts
    • 169 Thanks
    MonkeyDr
    I had CTL from HSBC in 2013. No hassle at all, although they did insist on doing it all quite last minute.

    I did it as was moving into partner's flat. They seemed quite happy with that explanation.

    CTL was for 1 year, and after that I didn't try to extend it, but switched to BTL anyway as wanted to increase my LTV to help buy new place together with partner (did have to pay a small amount of ERC as was in a 2 yr fix).
    • junesy
    • By junesy 16th Jan 18, 3:44 PM
    • 3 Posts
    • 0 Thanks
    junesy
    Hello,

    I am in the same boat, but unfortunately I may have a disadvantage compared to others, but I don't know lenders' criteria.

    I have lived in and owned the same property for 7 years, and been with HSBC for 5 (two separate mortgages). Never a late payment. I am up for renewing my mortgage, and HSBC has some reasonable products. I need to renew now, but will likely either sell my place or let it this summer, so I need a product with flexibility. They have trackers with no ERC giving me selling flexibility.

    My issue may be that I will be moving overseas, which I suspect will not be looked upon favourably. I have very low LTV, so I hope that works in my favour, though I want to increase that to release some equity.

    So, I think what I should do right now is try to release a modest amount of equity, and get a low LTV non-BTL product, and then ask for consent when the time comes to do so. Does that sound like the right course of action? Or is that risky? The problem I see is that they refuse, but as the product I am looking at has no ERC, the only issue I see is hassle and having to repay any product fees upon moving to a BTL mortgage.

    The other option is to get a BTL mortgage now, but I will need to live in the property until at least summer and I may sell it then.
    • pink_pirlie
    • By pink_pirlie 16th Jan 18, 4:28 PM
    • 160 Posts
    • 102 Thanks
    pink_pirlie
    I got CTL from nationwide and it was ongoing for 3.5 years until I moved back in October to sell the property.
    I got it as I went to Australia.
    I think I had to pay an application fee but I don't remember how much now, and after the initial 6 months a 1% premium on my mortgage.

    Very easy. No difficult questions. LTV of around 80%.
    I did it all over the phone / downloaded a form off the website.
    As I was travelling and unsure about my work position I also extended the term on my mortgage at the same time so fees I paid could have been to do with this rather than the CTL.

    I had lived in the property for 2.5 years before I went abroad.
    • Thrugelmir
    • By Thrugelmir 16th Jan 18, 5:01 PM
    • 58,474 Posts
    • 51,846 Thanks
    Thrugelmir

    My issue may be that I will be moving overseas, which I suspect will not be looked upon favourably.
    Originally posted by junesy
    That depends on your individual circumstances. The point of CTL being to provide a temporary arrangement due to a need to reside elsewhere.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • junesy
    • By junesy 16th Jan 18, 8:35 PM
    • 3 Posts
    • 0 Thanks
    junesy
    So, are you saying that HSBC CTL may depend on whether or not I say I am going to return?
    • csgohan4
    • By csgohan4 17th Jan 18, 8:40 AM
    • 4,427 Posts
    • 2,778 Thanks
    csgohan4
    So, are you saying that HSBC CTL may depend on whether or not I say I am going to return?
    Originally posted by junesy


    Depends on the reason you need CTL
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
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