Need Help?
Need professional advice for your consent to let with ASTRA mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to ASTRA mortgages consent to lease
- Hello, I have a mortgage on an apartment with ASTRA mortgages and I am thinking about letting the property out. Can I do this without switching to a BTL or obtaining consent to let from ASTRA mortgages?
- I want to rent out my current house as I wish to acquire a bigger house for the family. I have a fixed rate mortgage with ASTRA mortgages. On the basis I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I refinance after two years with a different lender? Will it have to be buy to let mortgage and not a homeowner mortgage?
- Where can I find the ASTRA mortgages consent to let application on this site I am unable to find it on the net.
- I have been renting out my flat to students for a few years but not on a buy to let mortgage as I thought that you only required a buy to let if you had more than one mortgage. In trying to purchase a further property, I discovered that I should have obtained consent to let at the outset from my mortgage provider ASTRA mortgages. I'm curious as to whether I can now seek consent to let from ASTRA mortgages?
- Iwant to let the family home and purchase another. Can ASTRA mortgages refuse to grant me consent to let?
- My husband and I are applying to switch lender to ASTRA mortgages for a fixed rate but during this period will need to rent the house out for approximately 12 months. Do ASTRA mortgages consent to let on fixed rate mortgages and if so, what are the costs.
- Would I be able to remortgage to ASTRA mortgages from my existing lender, with a consent to let or do I need a let to buy loan, and if so what are the LTV's?
- Was wondering how to obtain a consent to let from ASTRA mortgages who I have a mortgage with. There is a remaining balance of 57k. The value of property is 220k. Property is in my name but my wife and I would like to purchase a garden flat in Hackney we have seen together. How do we go about this?
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General Advice to read in in addition to the above ASTRA mortgages consent to let Info
Tax and Legal
There may be various tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming null and void. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with ASTRA mortgages your property may be repossessed