10 year fixed – consent to let dilemma?
12:02 AM, 4th April 2023, 3 years ago
4
Hello, I’m thinking to fix my residential mortgage for 10 years with Nationwide which is due for renewal.
My concern is if my situation changes (a bit likely) and have to move out, will Nationwide be difficult with consent to let?
I won’t have the heart to sell given the hefty early repayment charges.
Thank you,
Sunny
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Member Since July 2013 - Comments: 2002 - Articles: 21
1:58 PM, 4th April 2023, About 3 years ago
Sunny, you will likely have to change to a BTL mortgage – at perhaps a higher interest rate – and to pay the early repayment charges.
By your own admission you are unlikely to remain as an owner-occupier for 10 years so a 10 year fix may not be your best option.
Member Since April 2023 - Comments: 1
8:56 PM, 4th April 2023, About 3 years ago
A residential mortgage product is regulated and designed for consumers not a commercial lending. Most lenders may, temporary consent to let the property usually for a maximum of two years at cost in fees or rate load. This permission is not aimed at borrowers who wish to interchange their loan for a commercial purpose, hence BTL.
You should seek independent financial advice before committing to such long term obligations rather than ‘ask the audience’ as your circumstances will be individual to you. Best of luck with you venture.
Member Since July 2013 - Comments: 1266 - Articles: 1
10:27 PM, 4th April 2023, About 3 years ago
https://www.nationwide.co.uk/mortgages/existing-mortgage-members/letting-your-property/
Member Since July 2013 - Comments: 2002 - Articles: 21
9:55 AM, 5th April 2023, About 3 years ago
Reply to the comment left by Puzzler at 04/04/2023 – 22:27
Thank you Puzzler, that’s a useful link.