FirstDirect - Consent To Let - is it possible

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    FirstDirect - Consent To Let - is it possible

    We have a Residential Mortgage with FirstDirect since about 10 years. We are in a situation due to kids grammer school, such that we need to move to a different area for about a year(may be 18 months) to be in catchment of grammar school. We will be renting there and hence we temporarily need to rent our main house for about a year. I have heard that First Direct don't provide Consent to Let permission and will hence ask us to sell or move elsewhere if we call them. We need to decide soon. Is there anyone here who is with FirstDirect and recently managed to get a Consent To Let permission? Also is our reason something they will consider reasonable ? Any other options

    Thank You

    #2
    If you've not got any previous experience of being a LL, this may be a barrier to entry, plus the rental market is in a bit of a mess in terms of getting your property back if a T stops paying you etc. Plus the fact you only want to rent it for a short period of time.

    If I was in your situation I would not rent out your own home, as the stress and hear ache you potentially may face if you get a bad T, plus all the compliance you'd need to learn so you aren't caught out.

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      #3
      Hi, I do have any property that i rent for last 5 years. My problem is not the renting tenant at the moment, but keen to know if anyone ever managed to get "consent to let" from FirstDirect, as so far i have searched online, and mostly heard FD not allowing consent to let at all.

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        #4
        I ended up changing from First Direct as they would not budge a inch, very cautious in there Outlook

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          #5
          Originally posted by jase222 View Post
          I ended up changing from First Direct as they would not budge a inch, very cautious in there Outlook
          thanks for updating. That's what I fear, seems very unreasonable. My big catch their is I have a very good tracker offset lifetime deal, once I let it go, I will never get it back, unless they have a option to freeze my existing mortgage for a 1 or 2 to resume back

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            #6
            Originally posted by lulan View Post
            hat's what I fear, seems very unreasonable. My big catch their is I have a very good tracker offset lifetime deal, once I let it go, I will never get it back, unless they have a option to freeze my existing mortgage for a 1 or 2 to resume back
            Consent to let on residential mortgages is quite difficult for banks.
            They're very strongly regulated as the risk profile for BTL and residential markets are very different.

            First Direct (as far as I know) don't offer BTL lending at all, so they don't have any realistic way of managing the different risk.

            BTL contains more risk than residential mortgages (hence the, generally, higher rates) and you're asking them to continue to offer a rate applicable to a residential level of risk and make it less secure for no more income - and to essentially create a product they don't actually sell.
            When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
            Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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              #7
              Lenders are indeed ultra cautious when being asked to give a Consent to Let and in my honest opinion this definitely isn’t a reason and if as I suspect you gave the genuine reasons for seeking a Consent to Let potentially crosses the threshold of reasonability because your intent to moving temporarily to ensure your child gains a place in a local grammar school would justify in refusing your application.
              This in the overall scheme of things is in my opinion not a genuine reason for such a request. Contentious yes but such antics do prevent local established pupils from having a fair chance of gaining access to grammar school simply because more financially adept persons want to jump the system and move into the locality to gain inclusion.

              Apologies that my reply is not simply on topic but I am hostile to anyone seeking measures to move location simply because such educational advantages are not on offer where you live just to give Billy or Jilly an unfair advantage .

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                #8
                I believe the schools are wise to this scam anyway. Last year, one of my tenants asked me to write a letter to the school to confirm that they were leaving my property, so that they could register child at a new school.

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                  #9
                  I live in a part of Kent where there are two excellent boys Grammar and equally girls Grammar schools and itis amazing that in the area I live to see very affluent families arrive into rental accommodation and eighteen months later depart with the arrogant claim that they succeeded in getting their son/ daughter into their preferred choice of school. Yes schools are getting aware of such manoeuvres but they in turn are inclined to turn a blind eye if they believe such pupils will aid their success rates on which they are judged by Ofsted .
                  As readers will note Ithis is my personal comment but aligned to the decision of FD to refuse the Op’s Request for a Consent to Let, Cheats shouldn’t be allowed to prosper by such attempted subterfuge.

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                    #10
                    Your options are to not move or to remortgage. But you'll be looking for a BTL mortgage as you'll be living elsewhere.

                    It seems as though you want it all, the school, the great mortgage deal you have, and consent to lease too.

                    Life being the way it is probably means you will have to compromise on at least one of those 3.

                    And this does sound like trying to play the system

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                      #11
                      So you want to temporarily move to another area so your child can steal the place of somebody who already lives in that area, and when you have secured the place you intend to move back into your current home and your kids commute to school? Surely that is a pre-meditated fraud, but I guess you wouldn't consider yourself to be a criminal would you?

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                        #12
                        Originally posted by Kape65 View Post
                        So you want to temporarily move to another area so your child can steal the place of somebody who already lives in that area, and when you have secured the place you intend to move back into your current home and your kids commute to school?
                        And keep the same amazing residential mortgage deal I have while letting it.

                        Sometimes people sense of entitlement is eye-popping.
                        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                        Comment


                          #13
                          I am grateful for the supporting comments regarding the OP question.
                          My wife & I have in past years come across similar persons who take every opportunity of telling people they meet at social/ business events how they successfully circumvented the rules to get their child into the school of their choice by operating such tactics. It makes my blood boil.

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                            #14
                            I think few of you understood it the wrong way round. I will try again. We live in a area with no grammer schools at all and that means everyone in our area can never get admission to any grammer school anywhere nearby. And we have spoken to the grammer school's office in the different area, and till last year it was merit based only and once you pass the merit, the school will call you to give place on merit provided you move locally in next few months. Now they have changed the policy this year and told us we need to move their 18 months in advance, but have also placed a condition that if we do own any other property we must prove it's not lying empty and have to show that we are renting it. So we are now in a catch 22 as in the merit based system, it was a fairer system and we don't need to move for the sake of it, but now the grammer school itself is forcing us to move and on top they want proof that i have rented any home that was our main home in the past 18 months. So if we move and don't get admission, we are stuck and if we don't move we can apply at all. So the move back was only a fall back not by choice.

                            From the mortgage side, i don't really want to rent, but being forced indirectly due the admissions policy. And we are not wanting to actually move back but stay and port the mortgage to a property locally near the school if the merit based admission.

                            Hope i have explained it slightly better the situation.

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                              #15
                              My reply remains , you have absolutely no intention to moving permanently to the catchment area but to simply rent out your present property and rent until Billy gets a grammar place. Please do not insult mine or other posters intelligence in making your justifications. You want your cake and eat it .

                              Comment

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