28 Jan 2016

A question about : Consent to Lease

Hi

I currently have a 3 year agreement with my MP to lease my property for 3 years - this ends in June 2017. The mortgage I have is an IO one.

Has anyone got any experience of what may / may not happen after this point?

Will I be able to extend the CTL?
Will I be forced to change to a BTL?
This would need a big injection of cash to bring it in line with the LTV ratios for BTL.
Forced to sell the property?

The property itself is making a small amount each month and I also contribute to additional payments to try and bring the LTV ration down but this will still be some way short at the end of the CTL.

Any advice is welcome.
Cheers
S

Best answers:

  • No way of knowing.
    If you say which lender this is, you may find someone with similar recent experience might be able to assist.
  • The Mortgage provider is Intelligent Finance
Category: 
Mortgages & Endowments
  • 439 reads
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