Consent to let - Halifax

[CassieC]

Hey :-)

Anyone had experience with requesting consent to let recently. There is a lot of historic posts - up to around 2017 then nothing more recently.

I’m considering a self-build and during the build would move in with family. I’m considering my options, renting out my current residential home for a year could be sensible as the rent would easily cover the mortgage plus a little extra. I then wouldn’t need to sell it before starting the project which could add months. Plus I’d still own my home in case things went wonky.

There was a good article on this but it was super old and things have changed drastically in the last 5-10 years in relation to mortgages.

Cheers everyone

[DPT57]

I think it has to depend on the policy of your lender. BTL mortgage rates have dropped dramatically in the last year or so, so the differential between BTL and residential is much smaller than it was. I'm not sure if this makes a difference to the principle of whether they will allow it though.

[theartfullodger]

Speak to Halifax both CTL & a buy2let mortgage

Renting out property doesn't always make money.

[loanarranger]

I have only recently arranged a Consent to Let although not with Halifax but the reason was an affair of the heart and my client didn’t want to risk selling her home only to find that the relationship failed. The reason you give is credible and if you detail to the lender exactly what you have done here, I am of the view that they would grant a CtL but make a condition that no additional
borrowing will be considered whilst the property is Let and possibly levy a small increase in the mortgage rate but this is doubtful. Advise them that you will only let the property on an AST with all necessary checks being taken and importantly a new landlords policy will be put in place prior to a Tenancy being created.
In my honest opinion I do not believe your application would be rejected, telling the truth is better than making misleading statements.