Second Properties without Consent to Let

Posted on 22 February 2011 by Simon

My wife and I own two properties. The first we lived in up until two years ago, then we moved out and purchased a new home. We only intended on renting our old property for a short time, until the market picked up, and our new mortgage provider told us that they were happy to provide us with a mortgage despite us not having consent to let on the first because our overall income could comfortably cover both mortgages without being reliant on any rental income. However, we are now coming to the end of the two year fix we had on our new property, and so looking to remortgage, but have been told that very few lenders will consider giving us a new mortgage without consent to let from our first mortgage provider.

Is this true, even though we have significant equity (25% on the first property, and 35% on the second) and could cover both mortgages whether or not the first property was rented.

We know that our first mortgage provider will not give us consent to let, but we are a bit loathe to get tied up into an expensive buy to let mortgage, as we still plan on selling this property as soon as the market starts picking up.


This is not true if you have sufficient earned income to cover both mortgage debts. If you need to use any of the rental income then you will find it a different matter entirely.

There are not many Lenders who will consider this, but you should be able to remortgage without having to resort to a Buy to Let mortgage on the existing property.

I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the consultant the date of your question, they will be able to look at your situation and advise you accordingly.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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