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Need professional advice for your consent to let with Bank of Ireland (UK) plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Bank of Ireland Consent to Lease Example Support Desk Enquires
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A friend of mine suggested that this summer I rent out my home and generate some income whilst on holiday. I only plan to be away for ten days. Do I need consent to let from Bank of Ireland?
- We are applying for a home loan with Bank of Ireland, but we are running up against a serious block. My husband is the deputy head in a boarding school, whereby we are provided with a residence as part of his employment. We wanted to buy a one bedroom apartment to get on the ladder, and rent it out while we're in school accommodation. I had thought Bank of Ireland would be willing to give consent to let from day one of the mortgage. It transpires that I may not be granted consent to let. Can you give me any ideas what we can do?
- A few months ago I rented out my garden flat having been granted Consent to Let with my mortgage company. Six months have now gone by and they have increased my mortgage rate as forewarned. I cannot swap to a more favourable product with them, as they will revoke my consent to let. Were I to go with an alternative mortgage provider for instance Bank of Ireland, would I need to apply for a B2L loan or could I simply refinance and get consent to let?
- At the moment I am looking to acquire my first home however, I am self employed. I I would like to find a lender that will permit short term letting with a residential mortgage so that I could let the property for 6-9 months with long periods of absence without being compelled to a buy to let mortgage. Are you able to advise me on how lenders would perceive this and specifically the approach taken by Bank of Ireland.
- I have acquired a flat with a Bank of Ireland mortgage. However I am currently living with mother and father. I don't want to move in until next January due to some family issues. In interim can I let out the property with consent to let?
- Are you aware of any discretion in the accepted equity ration before transferring from an existing Bank of Ireland mortgage to a consent to let?
- I am intending on relocating inside the next 7 months and would like to rent my flat out. My interest rate is fixed with Bank of Ireland. I am concerned that a 1% increase would be too much if that was a condition of getting consent to let
- I'm mulling over a remortgage offer with Bank of Ireland and it's likely I will need take advantage of any consent to let option if available at some point in the fixed period. Are there any charges I should consider?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Bank of Ireland consent to let Info
Tax and Legal
There are numerous potential 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
One thing to remember when arranging a consent to let mortgage with Bank of Ireland is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach 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 taking legal action against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bank of Ireland