Need Help?
Need professional advice for your consent to let with Mansfield Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Mansfield Building Society consent to let
- I previously got consent to let from Mansfield Building Society 3 yrs ago but never used it and subsequently remortgaged to another bank. I recently sought for consent to let. I was told it would be authorised since their requirements were met. I have now got a letter advising me that I must supply a letter from the DWP evidencing that that are aware of my current situation before they can provide consent. They said this is policy but I have not been able to find these T&Cs on their site. I did complain about the inference that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £35 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to continue with them
- I have a mortgage with Mansfield Building Society however my husband and I will be emigrating to Australia in September. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- I have a question concerning consent to let. I have a Mansfield Building Society mortgage on my property (with fair amount of equity). We are planning to move out of Bristol and if at all possible wish to rent out our house with consent to let from Mansfield Building Society and use the income from that to help get approval for a 2nd mortgage for a house to live in. What is the best way to fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- Is it correct that mortgage providers (my home loan is with Mansfield Building Society) may start adopting a more lenient approach towards consent to let? A mortgage adviser recently informed me that BTL mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I move from a standard to a Buy to let I am moving to a regulated product. He suggested that under the current regulation lenders are wary of letting customers do this, which may explain why some banks will permit customers obtain consent to let but not move to a BTL mortgage. Is he plausible?
- My husband and I bought a place in Manchester with Mansfield Building Society and am moving to rent a property in Cambridge due to work. Is consent to let from Mansfield Building Societyavailable? I am only looking to lease out the flat for half a year before selling.
- I currently have a mortgage with Mansfield Building Society. I am thinking about renting and purchasing another property but this is all new to me. What is the procedure for consent to let?
- I would like some advice on how best to approach my mortgage provider Mansfield Building Society regarding a 'Consent-to-Let' application. Is this something you can assist me with ?
- What, if any, income criteria do Mansfield Building Society set for consent to let on an existing domestic mortgage?
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Information to consider in supplemental the above Mansfield Building Society consent to let information
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Mansfield Building Society