scooby L

We've been renting my wife's old house out using Halifax's "consent to let" on our residential mortgage for the past 3 years.

Halifax have just written to us withdrawing that consent unless we swap to one of their "buy to let" deals.

The result of which will increase the monthly payments by £700 Effectively making it not a viable renting solution... but we do not want to sell either...

They will not budge on letting us transfer to the standard variable rate and keep the consent...

Just a heads up for anyone else using this facility on their mortgage, and are coming to the 3 year mark.

scooby L

sorry, forgot to add

Because the property has fallen in value since the depression, the house also has a greater LTV % than 75%...and we are expected to make up that difference also.

so another £3k

cookstar

iTrader: (6)

So what happens if you do nothing then?

scooby L

breach of your terms and conditions

they can in theory re-possess

cookstar

iTrader: (6)

Blimey, that's harsh, how about a remortgage then.

JimmyBFC

Halifax do it again, biggest set of cvnts around, hate them, with a passion.

scooby L

Been looking around, but all the other buy to let deals on the market also insist on an LTV of 75%.. along with an additional 2.7% admin fee... so basically the same as Halifax are holding us to ransom..

cookstar

iTrader: (6)

Do you mind me asking what the before and (proposed) after rates are?

cookstar

iTrader: (6)

Why remortgage as a BTL, I'm assuming this is at present a second home mortgage. Apply for another one of them with a friendlier lender then gain consent to let a month after....

A&L currently charge £95 p/a for one of our "second homes"

scooby L

We were on something like a -1.4% tracker... that has been replaced with a 6.4% fixed I think

scooby L

Cheers, I'll have a look at that then!

On their website the A&L mortgages only seam available to existing customers or 1st time buyers?

Or am I reading it wrong.

Gregsti01

iTrader: (1)

Halifax are a greedy shower you and I own 80% of them the TAXPAYER ! the sooner everyone gets away from them the better,they are a f--king joke

Jay m A

iTrader: (2)

Do as cookstar says, I hate the markup the BTL mortgages tie you to, never had one despite renting the property out for 3 years

scooby L

Just spoken to C&G, and to set up a residential mortgage and then get a consent to lease on it, they wold require a minimum 6 months gap.

I know what you're both saying and it's a great idea, but if the mortgage lenders want to play hard ball, they could say you've breached your terms and conditions and then it gets really messy.

cookstar

iTrader: (6)

That's fine, but due to a change in personal circumstances, you have no choice to let the property out blah blah etc.

I do this quite a bit.

Leslie

Good warning to avoid Halifax for a start!

Les

Geezer

You are confusing Halifax with RBS. HBOS are less than 50% "owned" by the government.

Geezer

Trout

iTrader: (1)

The 'depression' and our MASSIVE investment in them was partly caused by companies like the Halifax doing BTL on a free for all nature.

You can't have it both ways.

It is a difficult for the OP as the real targets are people with multiple loans - but the reality is that BTL is a business and 75% LTV is the maximum you will get - and in a falling market, margin calls will be the norm.

davefaedeen

I had the same problem with the Halifax!! had to plumb 5K in to get the LTV rate to 75%. but this only increased my MR by £150, we did have a look around at other options but stayed with HBOS in the end, however Abbey were the best alternative so give them a call and see what they can do for you.