Refused Consent to Let

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    Refused Consent to Let

    2 weeks ago I phoned Santander about letting our house. I was told we met all the criteria and we would get a confirmation letter. I was told we would stay on our fixed rate, and then move to a new BTL mortgage if we were still wanting to rent it out at the end of the fix. Yesterday we got a letter refusing it. The letter says we as we had additional borrowing less than 6 months ago they cannot grant the consent.

    The background is that we borrowed an extra £22.5k, in 2 lumps. The first was to fix the roof and to do other smaller jobs. The second was our boiler blew up. It was 31st October we got the second additional sum. For background the house is worth £475,000. The mortgage is £140,000. We took out a 5 year fix a year ago.

    I am self employed, and lost a major contract near where I live. I have been offered a great opportunity 250 miles away. Due to my age and the industry I work in I am unlikely to find anything else near home in the immediate future. We don't want to sell as we don't know if we will like where we are planning on moving to, also the uncertainty around Bexit. We have a £6k early redemption charge on the mortgage. We are now totally stuck. We can't afford to pay the mortgage and rent in the new location. I don't have any income where we are now. We can't afford the redemption fee. After a sleepless night I could really do with some advice. Thank you.

    #2
    If you have no money, no wages, you have to sell. you have no other options.
    Others may give alternatives but the bottom line is you can't afford to have 2 houses.
    This is unfortunate, but you have to be realistic.

    Hard times till you sell, but you will eventually be pleased you got rid of your existing house.

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      #3
      Put in a formal complaint to Santander and make sure they are aware off all the facts as you have put here. Have a look at the Financial Ombudsman site and follow their process. I think santander have 4 weeks to issue a final response then you can go the FO. The grounds are they are being unreasonable. You can give the fo a call, they have a helpline and ask them how they would view it. I've had some experience with this type of complaint and it is likely you will be successful as their grounds for refusal are policy and they should look at your personal situation rather then blindly follow policy for no real reason.
      The option in the meantime might be to accept the new job and do Monday night to Thursday night in digs and be home for the weekend, as a stopgap until you successfully resolve the issue with Santander.

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