Naming and Shaming!
There are 2 related but separate issues now being discussed:
A number of mortgage providers, but certainly not all of them, will provide ‘Consent to Let’ if you already have a mortgage with them and then subsequently move on, such as on posting. They sometimes impose a small fee but I have discovered that they may even waive this if you explain that you are in the military.
Natwest, Halifax, Lloyds and Woolwich permit CTL.
Halifax and Woolwich will not change the rate and may even waive the admin fee; I am not sure about the others.
Nationwide, Clydesdale, ING and Yorkshire Building Society either will not permit CTL or will change the terms of the borrowing, effectively putting you on BTL rates.
(or at least they all told me this over the phone so if you work for these companies and I am wrong - get better staff in your call centres!)
Trying to remortgage, with a new provider, when you are already letting the house is a whole different ball-game.
Only the Woolwich and now HSBC have indicated that they were willing to offer residential rates and I have not put the Woolwich to the test.
Herc-mate – just speak to the mortgage dept at HSBC (you have to go direct, they do not use brokers) as I am pretty sure that the message have been passed strength 5. If you get no joy, PM me and I’ll help you go nuclear.
Happy hunting.
CK