Written consent to sublet likely?

[josip]

We currently have an NIB tracker mortgage at 0.51% above ECB on our apartment. We plan/hope/intend to buy a house sometime in the next 6-18 months. If possible, we would like to keep our apartment and we would probably have enough for stamp duty plus 10% deposit on the house. While getting a 90% mortgage on the house is by no means a certainty, my question here concerns our existing mortgage on our apartment. Given it is such a good rate we would like to keep it. Our mortgage agreement however includes an undertaking (of ours) that says

14.1.1 not to assign, lease, sublet, license, alienate or otherwise allow the Property out of our possession, ownership or control without the banks written consent

Given that NIB are probably currently making a loss on our mortgage, how likely is it that such written consent would be given? Has anyone else any experience with this?

 

[rmelly]

What's their equivalent Buy to Let rate versus the equivalent new Owner Occupier rate? And what was the difference when you purchased?

 

[josip]

What's their equivalent Buy to Let rate versus the equivalent new Owner Occupier rate? And what was the difference when you purchased?

From the NIB website today the Standard Variable APR is 4.23%.
http://www.askaboutmoney.com/showthread.php?p=781983 says the Buy to Let is 4.6% but this would be interest only repayments I assume. I don't know what the rate would be on an owner non-occupier standard variable (principal+interest) mortgage.

We took out the mortgage 2 years ago, I've no idea what the difference was at the time we took it out.

Is the difference between our current rate (2.01%) and the standard variable (4.23%) the most significant number here? They can get an extra 2.22% from us if they apply all the original mortgage conditions.