Join the Residential Landlords Association

Residential mortgage consent to lease. Long question

You are here : Member Forums Campaigning and Policy Residential mortgage consent to lease. Long question
This topic has been locked as no posts have been made within the last 90 days.
3 Posts
0 Thanks
I have 2 lodgers in my house who have agreed to stay for around a year. Thats fine. However I also have 2 OTHER friends who want to stay as lodgers for only around 3 months. With me as a live in landlord and 4 lodgers that makes 5 which yep you guessed it makes it a hmo. not a problem, i have applied for the hmo license and all is well with this. However heres the unique problem which you probebly haven't encoutered before.

I have managed to get a hmo license WITHOUT having a buy to let mortgage due to me being a live in landlord. I have a residencial mortgage.

However I only have consent to lease for a total of 2 lodgers from my bank. Is there any way to ask my bank for a 'tempory extra lease' or something for 2 MORE lodgers who dont want to stay long? Do they do this? (Do they even check? If so how?) I must stress the 2 lodgers are friends im trying to help out and will only stay a few months. My mortgage is with halifax.

So I guess the question is, whats the deal with residencial mortgage lenders when you go over the maximum 2 lodgers allowed if they are only tempory lodgers. Is there a way to gain a permit for them? Or should I just play it safe and tell my friends they cant stay at the moment. I know this is the easiest answer for you to give but please try to find a way as my two friends would greatly appreciate it. I know they could switch me to another mortgage to suit however this it is only short term that i will be over the limite of allowed lodgers.

and seriously, how do the banks find out exactly how many lodgers I have? do they do raids etc? i cant imagine it as long as I pay my mortgage on time every month.


23/08/2011 00:00

Want to read more?

This is a members only forum, if you want to read more you need to login to your membership, if you are not a member, click here to join.

This topic has been locked as no posts have been made within the last 90 days.
Landlord & Investment Show London Olympia 2019
99 Homes
John Pye Auctions