Need Help?
Need professional advice for your consent to let with Pepper Money? 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 Pepper Money consent to let
- I would like to see if I can receive consent to let on my current property. I have a mortgage with Pepper Money but my situation has changed. I'm looking to move in with my partner and daughter who have a house and more room than my small property. I am sure that I will not qualify for a buy to let loan as I don't have the funds for a deposit nor do I earn in excess of £25000 a year.
- Ever since 2013 I have had a Pepper Money mortgage with my twin and am looking to move on and get a new mortgage with my partner. How should I go about taking in a lodger? Would I need consent to let via Pepper Money? My twin will stay in the apartment
- I have found myself in the accidental landlord category and without consent to let from Pepper Money. I had to leave my apartment for family reasons, so am now based in another part of the country. At first I tried to sell the flat, but prices were deflated, which meant I was in negative equity. This was three years ago in 2011, the value has gone up and has allowed me time to accumulate savings. I am in now in a position where I can now switch to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert Pepper Money that I have been letting without consent to let? I appreciate that I shouldn’t have done what I did, but circumstances wouldn’t allow me to do anything else. Have I committed a criminal offence?
- Is it possible that lenders (I have a mortgage with Pepper Money) are taking a more relaxed approach towards consent to let? A broker suggested that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I switch from a residential to a BTL I am moving to a regulated product. He suggested that under the current regulation banks are reluctant to allow borrowers do this, which may explain why some lenders will allow borrowers apply for consent to let but not move to a BTL mortgage. Is he correct?
- I'd like to know if Pepper Money are likely to give consent to us letting out our residential property in Barnet
- I'm thinking about letting my property on a domestic mortgage with Pepper Money what is the procedure for getting consent to let?
- We have tenants ready to move in and I have mortgage offer from Pepper Money on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- I would like to know if I have a residential mortgage with Pepper Money and decide to let it out, does the rate increase and are there any associated charges for applying for consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Pepper Money 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 Pepper Money 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action 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 Pepper Money