Consent-to-let Help for Ipswich Building Society

Top Five Questions relating to Ipswich Building Society consent to lease

• Nine months ago my mortgage provider (not Ipswich Building Society) gave me with consent to let. The condition was that every 6 months they would add a fee of 0.5% of the remaining mortgage amount. Having the first few payments they have omitted to make the charge in recent months. This may well be a simple error but I am nervous that it would also mean I no longer have Consent to Let.
• I have a current mortgage contract with Ipswich Building Society and need clarify if it would be possible to gain consent to let out our ground floor flat in Brent.

  The purpose for needing to lease out the property are as follows: -

  • My wife and I will be moving to India next spring.
  • In renting out the property this will enable us to make some savings to help the migration process.
  • It would be pointless from a monetary perspective to pay outright for a property which we are not residing in and by leasing out the home this would be considered as an ongoing investment.

  If Ipswich Building Society agreed that we are able to proceed with renting we would propose some financial commitments to include: -

  • Continue to pay the monthly mortgage payment directly from my bank account.
  • Use an accredited letting agent who will provide a rent guarantee scheme as a further financial safeguard.
  • Supply our forwarding details for when we move.
• Am I obliged to notify Ipswich Building Society of my intention to rent a room out to a lodger. I have two spare rooms that could be used by lodgers and I was thinking that as the occupancy remains in keeping with that of the 'family' use of the property it might not require consent to let. Can you help clarify? I am taking independent advice on the insurance, legal and tax ramifications.
• My partner and I currently live in Melbourne and letting out our flat in the UK. This was unplanned but an opportunity came up and we took it. The rental income is insufficient to cover the mortgage so we transfer funds each month to cover the difference. Last week our lender got in touch informing me that because the property is being let out and has been for almost three years we will have to pay 1.5% interest on top of our current mortgage rate. We could sell the apartment but this will be far from easy as I am so far away. Could we remortgage with Ipswich Building Society and get consent to let?
• I am thinking about renting out my property via a consent to let from Ipswich Building Society, what fees are likely to be incurred?
• I have a question I'd like to ask...if consent to let is given by Ipswich Building Society would it usually be restricted to a time limit, such as 6 or 12 months?
• Is there discretion in the accepted equity amount before switching from an existing Ipswich Building Society mortgage to a consent to let?
• Are you aware if there is usually a maximum loan to value amount before Ipswich Building Society will give consent to let?