Mortgage advice

[Svalbaard]

Morning all.

Looking at a potentially long term contract away from home and would like to sub-let my house, but without moving it to a proper buy to let mortgage. My current provider won't allow me to sub-let so I thought I'd ask if any other contractors know any that do, or another way of doing this without incurring the wrath of the mortgage company and going down the BTL route.

And before you ask... yes I do also have a conversation booked with an IFA.

Thanks in advance.

[MrRobin]

Nationwide game me a 'consent to let' without any fees or issues but that was a while back now and lenders have probably made changes to policies and become more strict.

However, I would imagine that if you're looking to remortgage to a normal mortgage just to then get a consent and to let it out you will have trouble getting this agreed as they will agrue for you to go onto a B2L.

[northernladuk]

When you say they won't let you do it have you asked them if you can or are you assuming you can't because of a clause in your mortgage documentation?

I would be surprised if they were willing to a lose a solid customer just bacause you want to let it out, particulary with BTL market being so boyant at the moment.

You could of course do it without telling them but as with all fudges like this when it goes wrong it will go horribly wrong.

[Scrag Meister]

A few years back Abbey National, that was, gave me "consent to let" too. I think they charge like £90 for the privilege but it worked fine.

I have since paid my mortgage off and then remortgaged with C&G and not sure what their policy is, which I will need to find out as I am planning to let my house again.

I suppose if they won't let you then they won't let you and you need to consider the moving mortgage option.

[Freelancer Financials]

Mortgage Advice

It all depends on what you are planning to do.

If you are simply looking to keep the existing mortgage without remortgaging then most lenders will "consent to let".
A number of lenders may charge you a small fee and possibly raise the rate, but those that we work with are generally okay, as long as you are not just moving around the corner!

However if you are trying to remortgage, then it can be a bit more tricky. I advise you to speak to a mortgage adviser NOT an IFA, preferably a "contractor mortgage specialist" or "contractor mortgage broker".

Good Luck!