Refusal of consent to let by mortgage lender

by Readers Question

11:03 AM, 22nd July 2013
About 8 years ago

Refusal of consent to let by mortgage lender

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Refusal of consent to let by mortgage lender

I have a residential mortgage and want to go and live abroad for a couple of years, during which time I want to rent out my house. My mortgage provider says I cannot have their permission to do this.

I don’t really want a buy to let mortgage as it’s only for a short period that I am going away.

What excuse can I use to get their consent?


Sajad Khan
Refusal of consent by mortgage lender


Howard Reuben CeMap CeRER

16:46 PM, 3rd August 2015
About 6 years ago

It might not have been the intention to let when the mortgage was first taken out, however I'm sure their argument would be that CTL is never guaranteed so it's always a risk for the borrower and they're just sticking to their terms which were presented at the outset.

The other side of the coin is that without doing a full review of all mortgage options, maybe the termination costs could be offset against new (lower rate?) arrangement?

Bruno Karasek

18:42 PM, 3rd August 2015
About 6 years ago

Yes, I think this is a risk few borrowers notice when signing up for fixed term mortgages.

Do mortgage providers have to justify not giving consent or are they generally completely entitled to do so? In addition, some mortgage wording say the rate may be increased in the event of providing consent to let if the risk is perceived to be higher. Emphasis on may. Again, does the lender have to justify that it now poses higher risk to them? Is this a potential circumstance that can be raised to the financial ombudsman if I would believe unreasonable treatment from the lender?

You insights are much appreciated.

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