I am looking for some help and am hoping I am in the right place.
My current situation is that I require to move from my 1 bed flat with my wife as we are expecting our first child. We bought the flat 3 years ago and have just moved on to the SVR. I have done some research and am aware of the CTL mortgages that Halifax would force me on if I were to request consent at the moment. From what I understand, I would be able to request a product transfer at the moment and then in a few months request consent and would be allowed to stay on my current deal. Due to my current LTV the only option would be a 5yr fix at 4.49pc. At that rate my mortgage payments would be the same as the rent I would receive.
My questions are
- what are the chances of Halifax forcing me on to their CTL mortgages anyway leaving me to pay an early redemption fee on the 5yr fix
- would consent be granted until the 5yr deal ran out
If anyone has any experience of this situation or any information that could help me iIwould greatly appreciate it .
Thanks
My current situation is that I require to move from my 1 bed flat with my wife as we are expecting our first child. We bought the flat 3 years ago and have just moved on to the SVR. I have done some research and am aware of the CTL mortgages that Halifax would force me on if I were to request consent at the moment. From what I understand, I would be able to request a product transfer at the moment and then in a few months request consent and would be allowed to stay on my current deal. Due to my current LTV the only option would be a 5yr fix at 4.49pc. At that rate my mortgage payments would be the same as the rent I would receive.
My questions are
- what are the chances of Halifax forcing me on to their CTL mortgages anyway leaving me to pay an early redemption fee on the 5yr fix
- would consent be granted until the 5yr deal ran out
If anyone has any experience of this situation or any information that could help me iIwould greatly appreciate it .
Thanks