I have a situation.
I have found a nice little house. It is in an area I like and it is 10 grand less than what it should be as it needs redecorating.
I have hit a bit of a snag.
My partner is moving to be here in six months, but she is in council house and is doing swap and doesn't want to lose her right to buy.
So I said that after living in my house for 6 months or a year I'd move into hers and rent mine out.
I made this very clear to my mortgage advisor. Initially he told me not to worry and that everyone rents their house on a residential mortgage. I told him I was not comfortable with this as my job is fraud investigation and if I got caught I would lose my job.
So I really wanted a provider that was likely to give me consent to let for a year and then at the end of the 2 years of the fixed rate I would be able to switch to a buy to let mortgage if I had to and my partner and I could buy her council house.
So my mortgage advisor couldn't get me a loan with the 10% deposit I had but told me he could get me one with Halifax for 15% and he advised me to get a loan from my bank, which I agreed to go for, as if I incorporated a car loan into it, it would work at still cheaper than my monthly outgoing renting.
So I specifically said, so Halifax will definitely be ok about giving me consent to let if I need it and he said yes, and once again told me not to bother and just rent it out anyway.
I asked how long I'd have to live there before I could apply for consent and he said 6 months or a year, which suited me perfectly, as then I could rent for a year then switch to BTL.
Now I looked online and see that Halifax are forcing all their customers who apply for consent to switch to an extremely expensive package, with interest rate hikes and massive fees on top - as far as I can tell it's more expensive than BTL even.
I paid for the survey and his arrangement fee, which was £800 all together.
I feel like I can't complain as I am probably not supposed to be buying with knowledge I may have to rent for a year.
I'd prefer not to receive any judgemental posts about morals/lack of, as to be honest all I'm trying to do is provide some security for me and my kid and I'm far from rich.
My 5 questions are:
Which mortgage providers are likely to give consent to let at a reasonable rate?
Can I even get consent to let while I am on a fixed rate product?
Have I got grounds for a complaint against the mortgage provider? (I may not want to as he works inside the estate agent I am using)
Can I use the survey from my Halifax mortgage for a different mortgage application, or will they insist on their own?
Does anyone do a one year fixed rate mortgage?
This could be my only chancve in my life to get on the property ladder, so any help would be invaluable to me
p.s. even if you can only answer one part of my question, please do, as any knowledge I can gain is better than the nothing I seem to be able to find at the moment.