UK Landlord Forum / Life

I bought my first house six months ago with full intent to make it my home for the next few years. Since buying the house I met my current partner who also owns a house. The plan was to move into her house and rent mine out. However my mortgage is with Yorkshire bank who do not give consent to let. I only have 90% LTV so cannot switch to buy to let. The early repayment charge is a whopping £8k, which I would obviously like to avoid!

The options seem to be:

1. let the house out without the permission of my lender, constantly be on edge that the lenders find out and risk invalidating my insurance.

2. Call Yorkshire bank, explain my circumstances and ask for advice, running the risk of raising the alarm and putting a black mark next to my name

3. Keep paying my mortgage on an empty house with two sets of council tax, tv licence, utility bills etc etc.

It seems to me to be an impossible situation to which I cannot find a solution.

Please help!!

Don't do 1.

Try to avoid 3.

Do the sums properly on 2. If you end up getting a better deal somewhere else, then the ERC might be galling, but worth it. Try to take a medium to long term view.

If 1, 2 or 3 do not work for you... have you considered 4, which is sell (hopefully at a notional profit of £8,000 to offset your ERC) or is that a no-go?

One thing that confuses me... Yorkshire Bank might not do Consent to Let (fair enough) because they offer BTL products. Understandable. What can be done to bring that LTV down so you can switch to one of their BTL products?

You have to accept - I hope - that it might seem (to others) like you're wanting your cake and the capability to eat it as well?

I managed to get CTL on a property I have - with Yorkshire Building Society - because they do not offer BTL products. Banks like HSBC will give CTL for 1 year, but then expect you to transition to one of their BTL products... it's like a grace period.

Don't do 1.

Is it a timeframe thing with the YBS?  Wouldn't be surprised if you have to have the mortgage for XXX before they'd consider a consent to let.

Could possibly be, I don't know for sure, though, as I'd been living in the property for 2 years before I decided to let it out and the new house I was getting was also to be mortgaged with YBS.

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