Need Help?
Need professional advice for your consent to let with M&S Bank? 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 M&S Bank consent to let
- I found tenants for my house last year and didn't tell M&S Bank. I have a five year residential mortgage (large amount of equity in it, no arrears) and want to let M&S Bank know and get consent to let for the final two years of my mortgage . I am unsure how to go about this.
- My brother and his partner currently lodge with me at my flat. Next Summer I would like to move out of the property and in with my GF. How likely is it that I will be able to get consent to let from M&S Bank after only having the mortgage for less than half a year?
- We are currently in Melbourne and renting out our apartment in the UK. This is not something we planned but an opportunity came up and we took it. The rent achieved on the apartment is not enough to cover the mortgage so we transfer funds each month to cover the difference. Earlier today our lender got in touch informing me that because the property is being let out and has been for almost four years we will have to pay 1.5% interest in addition to our current mortgage rate. One option would be to sell the property but this will be difficult as I am on the other side of the world. Could we remortgage with M&S Bank and get consent to let?
- We are intent on purchasing a property, renting two of the bedrooms out in order to cover the loan with M&S Bank, and then moving on in a few years time - when the property would be fully rented. Is it likely that M&S Bank would look at this unfavourably as I will have been given a owner-occupier loan rather than a B2L or consent to let? I've heard that in extreme situations they can sue for mortgage fraud, is this correct?
- Is there a maximum period that M&S Bank is willing to grant me the Consent To Let for?
- I’ve already let but only just realised M&S Bank should've been told and consent to let sought - can consent be obtained retrospectively?
- We are 12 months into a three year standard mortgage with M&S Bank. Just wondering if it's permitted to rent out the property on my existing home loan. Will M&S Bank grant consent to let?
- I was wondering if you can assist. I do not have consent to let from M&S Bank and was wondering if this option would be possible for me to move to as I need to move back home to look after my mum
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above M&S Bank consent to let information
Tax and Legal
There may be various 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 M&S Bank 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 restrictions are not strictly observed 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 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 M&S Bank your property may be repossessed