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Re Mortgage Help Advice Please

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  • Re Mortgage Help Advice Please

    Currently I own a Studio Flat on which I have an Alliance & Leicester SVR mortgage with 'Consent to Let'. I have rented the property for the last 4 years. I would like to re-mortgage with a fixed rate and contacted A&L who sent me T&C for a 2 year 3.99% fix.

    However, in the interim I have spoken to the Mortgage Advisor from an
    A & L branch who has told me that because of the 'Consent to Let' status I have no choice but to remain on SVR mortgage.

    As I have already received T&C for the 2 year fix, is this offer valid? I am looking for advice and opinions please regarding this situation.

    Many thanks.

  • #2
    Re: Re Mortgage Help Advice Please

    I'm not sure about A&L, and I can't find any info on their website to confirm either way, but most lenders do not allow switching rates away from SVR once you are in a "consent to let" arrangement. They will normally force you to remortgage onto a true "Buy to Let" mortgage scheme if you want to make any changes to your account. When you applied for consent to let there should have been an agreement that you signed, if you have a copy of it then that may contain the information to answer the question.

    If all you have received in the post is the T&Cs for a different scheme then that would not normally be considered to be a legally binding offer but it's difficult to comment without seeing the paperwork that you have received.
    Property for sale in Torquay