Consent-to-let Help for Bank of Ireland

Common questions relating to Bank of Ireland consent to lease

• We just obtained consent to let from Bank of Ireland. After some effort, Bank of Ireland have issued me with ‘consent to let’ confirmation . There is reference to an assured shorthold tenancy. What is that?

• Nine months ago my lender (not Bank of Ireland) issued me with consent to let. The condition was that every half year they would levy a charge of half a percent of the remaining mortgage amount. Having the first couple of payments they have omitted to make the charge in recent months. This may be no more than a basic computer error but I am nervous that it would also mean I no longer have Consent to Let.
• Can you explain "consent to let" to me? I live in a studio apartment and its in good condition. It has been on with agents for two months and I have had very few viewings. This is probably due to an longstanding dispute with the family next door. I was obliged to mention it on the disclosure sheet. I am with Bank of Ireland on a standard variable rate. It has been suggested to me that I should obtain consent to let from Bank of Ireland and rent the flat for a year or two.
• How long after taking out a new mortgage will a consent to let be likely to be given by Bank of Ireland? By way of background I bought my apartment in Camden nearly two years ago and am currently on a fixed term for 3 years. I subsequently met a guy and now we are looking at moving in to his place. I am planning to get another fixed term next June. I presume that I would have to hold off for at least six months before I could apply for consent to let. Is that right?
• My wife and I wish to move home and have identified a house we wish to purchase so are considering leasing out with consent to let from Bank of Ireland for our original property to enable us to place an offer and not miss out on the potential new property.
• I am considering relocating with work and would need to rent my property out. I have a mortgage with Bank of Ireland. My property is worth approx £185k and owe £85k on it. Will Bank of Ireland increase my interest rate?
• Am I required to obtain consent to let if I rent to a family member (in my case my Dad now lives there and contributes towards the Bank of Ireland mortgage)?
• My wife and I spoken to someone at Bank of Ireland about switching our current homeloan to consent to let (the current 2 year fix expires in summer next year). Can I just confirm that I need to send a letter setting out our change in circumstance to Bank of Ireland? Where do I need to send the letter to?