Need Help?
Need professional advice for your consent to let with Bluestone Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to Bluestone Mortgages consent to let
- I have a colleague who is considering leasing their house out and moving in with partner. The property is in Hounslow and has a £125k mortgage with Bluestone Mortgages. What would she need to do to get consent to let if she decides to do this.
- I have been offered an excellent career opportunity for 9 months in Denmark. I have enough savings to meet the monthly Bluestone Mortgages mortgage yet the block insurance requires continuous residency in order not to be invalidated. Last December the roof had some leaks that were repaired. Should there be any problems in the winter months I would struggle to cover the remedial works. Will I qualify for consent to let from Bluestone Mortgages for the time I am abroad?
- I am a landlord having served eviction orders on a tenant who had not paid his rent in 3 months. The relevant claims have been served. The tenant's defense for refusal to pay is built on the claim that I do not have consent to let my one bedroom first floor purpose built flat from my provider Bluestone Mortgages
- I previously took a mortgage with Bluestone Mortgages and the LTV is presently 60% with the Bluestone Mortgages current book value and would like to buy a further property but would like to keep my current property at the current market value. I have consent to let from Northern Rock on a previous property so know a bit about them and I also have buy to let with Scottish Widows on another property. Does the expected rental income on a consent to let with Bluestone Mortgages need to exceed the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 18 years so it was paid off as early as possible, obviously this leaves with quite a high monthly cost.
- I'm having to relocate to the US for a couple of years for my job but I don't want to switch my mortgage to BTL as the intention is to reoccupy it when I return. Do you know if Bluestone Mortgages charges additional interest? Is there any way around this?
- How much of my mortgage allowance will be made available to borrow if I switch my mortgage to a consent to let with Bluestone Mortgages?
- I am already letting out my property but may have sussed what has been going on. I have five months left on my fixed rate. How easy is it to get consent to let from Bluestone Mortgages. Is it just a five minute phone call, pay the charge and it's done there and then?
- I want to apply for consent to let from my lender Bluestone Mortgages to rent out my property. This is due to me relocating. Do Bluestone Mortgages allow consent to let in this scenario?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Bluestone Mortgages consent to let Advice
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 Bluestone Mortgages 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 regular 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
If your property is 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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bluestone Mortgages