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Original poster

Consent to let Renting out house

48 replies

Beekeeper22 · 24/11/2023 07:52

Hiya I’m moving abroad for a few years and I’m going to be letting out my house, is there any issues with getting consent to let? I spoke to Nationwide and they said you can’t do it until 2 months before which I find slightly stressful because what if it’s refused?? I presume it’s a given that they will agree unless you’re behind on mortgage payments or something. They also said they add 1% to the interest rate. I will have to switch mortgage in 2025 does anyone know if you can get a normal mortgage and CSL again or do you have to switch to Buy to let?

OP posts:
bitchatty · 24/11/2023 07:54

you have to switch
you have to tell your insurer too and change insurance to LL insurance

bitchatty · 24/11/2023 07:55

factor in the fee to switch too

bitchatty · 24/11/2023 07:55

is the property going to be managed?

Original poster
Beekeeper22 · 24/11/2023 08:02

@bitchatty you mean I’ll have to switch in 2025? I know I’ll switch provider but will it have to be a buy to let mortgage? I’m going for 3 years. Yes probably going to get a agent to manage it

OP posts:
bitchatty · 24/11/2023 08:03

yes it will have to be a BTL

what else could it be?!

and yes you have to wait

bitchatty · 24/11/2023 08:04

have you looked in to feed for management? they are pricey

is the move for work?

Original poster
Beekeeper22 · 24/11/2023 08:04

Well it will only be 18 months before I’m back in the house from 2025 so I thought it could be a normal mortgage with a ‘consent to let’ again perhaps

OP posts:
Original poster
Beekeeper22 · 24/11/2023 08:05

Yes I’ve looked at the management fee and costed it up. Yep for work - fixed term.

OP posts:
bitchatty · 24/11/2023 08:07

Beekeeper22 · 24/11/2023 08:04

Well it will only be 18 months before I’m back in the house from 2025 so I thought it could be a normal mortgage with a ‘consent to let’ again perhaps

no it can’t be. must be a consent to let

bitchatty · 24/11/2023 08:09

and from your perspective

not sure why you would even want to secure this (you’d have to pay a fee) for something that of course may not happen given it’s over a year away

bitchatty · 24/11/2023 08:10

have you included LL insurance in costings?

Original poster
Beekeeper22 · 24/11/2023 08:11

I’m not sure what you mean by this? I’m moving in March, it’s happening. What I mean is the mortgage deal runs out in 2025 and that’s when I will switch- I was thinking that I could get another normal mortgage then and ask for consent to let on that one too.

OP posts:
Original poster
Beekeeper22 · 24/11/2023 08:13

I have costed it all up yes. My only query is if consent to let’s are generally always approved and if when you have to switch you could get another consent to let as opposed to a buy to let since it’s for a minimal term.

OP posts:
Zippedydoodahday · 24/11/2023 08:15

I had the same. No lender would let me remortgage to a normal mortgage with tenants in situ Had to get a buy to let mortgage.

The consent to let was fine, then basically just wanted to check I had a legitimate reason.

akkakk · 24/11/2023 08:17

you do not ‘have’ to switch, it depends on the lender… I got married a few years ago and moved into my wife’s house - it took nearly 3 years to sell my house during which I let it out - I had written permission from the mortgage provider and it stayed on exactly the same mortgage - I renewed permission each year. The norm for that mortgage company was one year max but as it was partly during covid they were very open to being flexible…

itsallnewnow · 24/11/2023 08:20

I did this in 2020 it was totally fine. Consent to let is granted usually unless there's a reason not to. I had to confirm I had proper landlord insurance in place.

When the deal ends you can either roll onto svr and consent to let but if you want a new deal or fixed it will be buy to let

bitchatty · 24/11/2023 08:22

Beekeeper22 · 24/11/2023 08:11

I’m not sure what you mean by this? I’m moving in March, it’s happening. What I mean is the mortgage deal runs out in 2025 and that’s when I will switch- I was thinking that I could get another normal mortgage then and ask for consent to let on that one too.

you can’t stay on the same mortgage whilst there are tenants in your property

so your current mortgage must end (early redemption fee) and a totally new mortgage with consent to let obtained

Original poster
Beekeeper22 · 24/11/2023 08:23

@Zippedydoodahday @akkakk @itsallnewnow thanks for your replies. Say I come back in March 2027, and want to move back in to the house, what do I do if I’ve switched to a BTL in Oct 2025? Maybe I should just get an 18 month BTL mortgage. Im not sure if you can have a term that small. I spoke to Nationwide and they said from Oct 2025 I would switch to 8% so I’ll def want to switch then

OP posts:
areyouhavinglaugh · 24/11/2023 08:25

I have consent to let and rent out my property. Banks will give you consent to let as long as you are planning to move back in.
My mortgage was and still is a residential mortgage with a slightly higher rate due to it being let. When I obtained consent to let it was on a fixed rate which ended a few months ago.

Original poster
Beekeeper22 · 24/11/2023 08:27

@bitchatty yes you can you can get consent to let on your existing mortgage

OP posts:
FallingAutumnLeaf · 24/11/2023 08:29

The simplest thing is to let the Nationwide deal drop to (unpalatable, i know) 8% SVR. It may well be lower than that if interest rates fall in the next 18 months.

Would your equity and estimated rental amounts get you a BTL mortgage? I'd check the interest rates on those before ruling out the SVR.

Consent to let is usually granted - subject to you having had the mortgage for a bit. You won't be able to take out a new residential mortgage when it is rented.
I don't know about living in your house when it has a btl mortgage.

Original poster
Beekeeper22 · 24/11/2023 08:30

@areyouhavinglaugh thank you, did you not end up on a high variable rate after the fixed term ended? Nationwide are saying I’d go to 8% in 2025

OP posts:
yumscrummy · 24/11/2023 08:37

I go consent to let. Seemed just a formality when we did it 6 years ago. They didn't change the rate and were supposed to charge an admin fee but didn't. This is with the one account which I think is RBS

itsallnewnow · 24/11/2023 08:39

"you can’t stay on the same mortgage whilst there are tenants in your property

so your current mortgage must end (early redemption fee) and a totally new mortgage with consent to let obtained"

Sorry but this is WRONG!!

Consent to let can be applied to your current mortgage that's literally what it is.

If you were applying for a new mortgage and not living there it would
Be a BTL mortgage

Original poster
Beekeeper22 · 24/11/2023 08:40

@FallingAutumnLeaf thats a point maybe it will be better in 18 months, thanks! I haven’t looked into BTL too much yet. Equity is about £200k I would estimate I can get about £1600-£1800 for it a month. I don’t think I’ll be making much of a profit but I’d like it to cover the mortgage and costs etc.

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