Need Help?
Need professional advice for your consent to let with Britannia? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Britannia consent to lease
- I have just come off a call with Britannia and they tell me that they are now aware that I have been renting the one bedroom apartment despite having a domestic mortgage. I had to move a couple of years ago for childcare reasons, couldn't sell and was left with little option but to rent out the property. Do you know what the financial repercussions will be for me not obtaining consent to let?
- My fiancee and I are are looking to join the property ladder, presently renting. We would ideally like to buy a three bed flat in Greenwich. We want to move there, but will need to wait for a job - perhaps a couple of years. Do we need to get a buy-to-let loan? Could we have a residential mortgage with Britannia, even though we won't be moving in straight away? Alternatively could we move there for a short period of time , then start renting it with consent to let from Britannia? I'm only evaluating options that are entirely legal, and have no intention of breaching the provisions of the mortgage with Britannia.
- I vacated my flat about six months ago but didn't get around to get a consent to let letter, primarily because the mortgage fix rate period is ending next month and I am considering a remortgage anyway. I want to ask for consent now, is that going to open up a Pandora’s box?
- I am looking for some preliminary insight to consider if consent to let is a viable option. I completed the purchase of my apartment 6 months ago by transferring an existing Britannia mortgage product. My fixed rate expired four months ago. I'm currently deliberating moving in with a new partner who has his own property and mortgage also with Britannia, which I would not seek to be added to. I don't wish to sell my property yet because I'm unsure of whether the new move will work out. I don't want to switch to a buy to let mortgage yet for 2 reasons: 1) I need to find out whether letting my property is a feasible option for myself and 2) I need to raise additional capital to meet the 65% LTV ratio required for a buy to let mortgage. It would be preferable to obtain consent to let from Britannia for a couple of years in order to be more secure in becoming a possible landlord and to raise the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, reoccupy it.
- My husband and I are having to relocate to Australia for eighteen months for my job but I don't want to convert my mortgage to BTL as the intention is to reoccupy it when I return. Do you know if Britannia charges additional interest? Is there any way around this?
- What information should I include in a letter requesting consent to let my property in Bromley? I would like to send a request to my lender Britannia.
- Do I need to wait for consent to let to be granted on my existing domestic mortgage with Britannia before applying for a resi mortgage on a second property?
- Please can you provide me with details of how to proceed with gaining consent to let from Britannia and what, if any, fees I face.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Britannia 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 Britannia 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 commencing legal proceedings 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 Britannia