Has anyone got "consent to let" to buy another property?

[StuckInARug]

If yes, did you need to have your original property let out before completion on the new one?

We're buy new house, letting out old one (we'll sell it in the next year or two). We'll get consent to let from existing lender but don't want to list it for rent until we've completed on new property and moved out (as we need to clear out house, redecorate a couple of rooms etc). Has anyone done this? Just want to check new lender won't request proof "old" property has been let before releasing funds for completion!

Oh no that won’t happen! How could you let it before you have the right to? Crack on and you’ll be fine

I don’t see why your new lender would be concerned that your old property isn’t let? Presumably they’ve taken your other mortgage into account in its current state when agreeing then new mortgage.

I had consent to let on my flat when we bought our house. I think they just wanted to know we could afford their mortgage which meant our rent had to cover the interest on the flat which it more than does, I don't think they ever asked for evidence of the consent (and we've remortgaged a couple of times since then).

Yes with Santander,
£200 and approved immediately no terms or conditions or additional interest as yet.
im massively under committed though in terms of debt to income ratio

We're doing let to buy which is a bit different as we are raising money against our current house for the new purchase.

The terms of our mortgage say we have to move out to get the funds released.

Not necessarily let though.

Our consent to let was dependant on us not buying another property - if we wanted to purchase another property we would have needed to change it to an investment mortgage.

We just needed a solicitor's letter estimating monthly rental income (Scotland, Halifax mortgage). They didn't ask for proof of consent to let (and we didn't have it anyway!) and we didn't tenant it till a month or two after we bought the new house.

@ClaryFairchild do you mind sharing which lender that was? Mine hasn’t said anything like that

It was NatWest, about 6 years ago though.

When we did this, consent to let wasn’t sufficient, we had to switch to a let-to-buy mortgage. Consent to let is more for when your circumstances change temporarily, however buying a new property suggests you won’t be moving back to the original one. Your intention does make a difference, as residential rates are more favourable, so the bank need to be sure you aren’t trying to rent out on a lower interest rate. I think you may need to explore let to buy mortgages, and you won’t need to have moved out to access this, you just need to prove your market rate (through tenancy agreement, EA rental valuation, etc).

Sorry, totally missed what @ClaryFairchild said, but pretty much this.