Two residential mortgages- one with consent to let

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    Two residential mortgages- one with consent to let

    I have been letting my previous family home for 13 years on the basis of an annually renewed consent to let from alliance and Leicester. I know want to by another property to live in. Do we have to convert the original into a BTL or will consent to let suffice? And do I have to tell existing mortgage provider that we are taking out a new residential mortgage?

    Clearly your residency circumstances have changed and what was the A&L should be notified in order to avoid any potential problems which might bring you subsequently into conflict .
    They may indeed allow the Consent to Let continue but suggest that at the expiry of the annual period the loan should be refinanced.
    Remember that only a small number of lenders will include the rental income in the overall affordability assessment and for the present loan assessments based on primary income have become more challenging, see my postings under Mortgages where I have tried to detail the fundamental changes being adopted by lenders in light of the CV.


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