Need Help?
Need professional advice for your consent to let with Masthaven 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 Masthaven Bank consent to let
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What is the most extreme action Masthaven Bank can take if I have let out my house if consent to let is not first obtained?
- I am 3 years into a five year fixed rate mortgage and planning to take an overseas job so would like to let my property for a couple of years. My LV is in the region of fifty per cent. My query is if Masthaven Bank will increase my interest for consent to let for the period that the property is tenanted?
- I would like to explore if I can receive consent to let on my current flat. I have a mortgage with Masthaven Bank but my situation has changed. I'm about to move in with my partner and daughter who have a house and more room than my small home. I am unlikely to qualify for a buy to let loan as I don't have money for a deposit nor do I earn more than £25000 per annum.
- My partner and I are FTBs, currently renting. We want to purchase a one bed flat in Merton. We want to move there, but will need to wait for a job - perhaps 2-3 years. Would we need to get a B2L mortgage? Could we take a 1st time buyer mortgage with Masthaven Bank, even though we won't be moving in straight away? Alternatively could we live there for a short period of time , then start renting it with consent to let from Masthaven Bank? I'm only willing to consider scenarios that are completely legal, and have no intention of contravening the terms of the mortgage with Masthaven Bank.
- I would like to lease out my house. Do I simply post a letter to Masthaven Bank asking for consent to let out the house?
- My Masthaven Bank mortgage fixed rate ends in march and have to move with work soon after. Will I be able to both remortgage and obtain consent to let?
- Will Masthaven Bank choose to operate a right to switch the rates on a domestic mortgage where Consent to Let at any time, onto ‘rates equivalent to their B2L range'? Is it possible to refinance on a consent to let with Masthaven Bank?
- I have a normal mortgage with Masthaven Bank which is only 7 weeks long but I have been relocated with work. Is it possible to get consent to let from Masthaven Bank for a mortgage that has only recently started and I have just bought the property?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Masthaven Bank consent to let Info
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 Masthaven 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 regular 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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Masthaven Bank your property may be repossessed