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Need professional advice for your consent to let with Bradford & Bingley plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Bradford & Bingley consent to let: Q and A’s
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Do I need consent to let from Bradford & Bingley or can I let my property without telling Bradford & Bingley and being forced to transfer to a buy-to-let loan?
- Next month I will be relocating to Denmark. As opposed to sell my house, I would like to rent it out, just in case things don’t go as expected. My present mortgage is with Bradford & Bingley. If I applied for a refinance would a new provider consider this as me trying to avoid a Buy To Let mortgage, of which there is very limited availability for 80% LTV, and therefore reject my request for Consent to Let?
- I have a residential property but I am moving with my girlfriend to a different location for career reasons and moreover near her university. My preference is to retain the house but it is unlikely that I can afford a BTL mortgage. It will only be temporary -3 years until my girlfriend has finished University and I can sell, or move elsewhere. My mortgage is with Bradford & Bingley. Is there a chance I won't be approved for consent to let?
- I am looking for our family to move to give us all more space. We are thinking about buying another house in the near future. Our house is worth £155,00 and we have about £55k remaining on the Bradford & Bingley mortgage. We would prefer to keep this house if possible and let it out with consent to let. Is it possible to get a mortgage on two properties at the same time or do we need to fully pay off our current mortgage first?
- I was just enquiring if Bradford & Bingley would give consent to let and what kind of fees, penalties and new rates etc
- If I let my property with consent to let from Bradford & Bingley will will theybump up the interest rate? I am currently on a fixed rate for two years.
- If I am tied into a fixed rate with Bradford & Bingley but am thinking of letting out my property, is there a fee for consent to let from Bradford & Bingley and does the interest rate get uplifted?
- I recently bought a house with 10% deposit for personal uses. A homeloan was taken with Bradford & Bingley. But my circumstances have now changed. I am being transferred abroad. Am I able to get consent to let from Bradford & Bingley and put the property up to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Bradford & Bingley 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 Bradford & Bingley 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
If your property is leasehold, the provisions in the lease may prevent 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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Bradford & Bingley your property may be repossessed