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.
Top Five Questions relating to Pepper Money consent to lease
- I own a one bedroom second floor purpose built flat but I am never there, exploring the possibility of renting it out. The mortgage is with Pepper Money, would I have to move onto a new mortgage deal or ought I apply for consent to let?
- Last month I was offered a job 250 miles from home and considering whether it's a good idea letting my house out. Will Pepper Money allow me to change mortgage or give me consent to let? If not I will have to think about whether it's worth taking the promotion. I wouldn't mind paying more as I intend to come back and move into my home after twenty four months. My agenda here is not to profit. Just love my property and wish to return to it one day.
- I'm planning to remortgage my garden flat, currently tenanted with consent to let from Pepper Money, onto a BTL rate as we will not be moving back into it now since we have our family home. So, I'm assuming I need a specialist broker for this and I am not really familiar with what my options are. Can you offer any advice on a good broker service specialising in BTL?
- I am looking for some preliminary advice as to whether consent to let is a feasible proposition. I completed the purchase of my flat 6 months ago by transferring an existing Pepper Money mortgage product. My fixed rate came to an end three months ago. I'm currently considering moving in with a new partner who has his own property and mortgage also with Pepper Money, which I would not seek to be added to. I don't wish to sell my property yet because I'm unsure of whether the new move will work out. I don't want to move to a B2L mortgage yet for 2 reasons: 1) I need to discover if it is a marketable property with rents higher than my mortgage payments and 2) I need to come up with extra capital to meet the 65% LTV ratio required for a buy to let mortgage. It would be preferable to receive consent to let from Pepper Money for a couple of years in order to be more secure in becoming a possible landlord and to raise the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, reoccupy it.
- I have a homeowner mortgage with Pepper Money and my circumstances have changed due to family, can I obtain consent to let. What changes will affect me?
- Hi, what documents or paperwork would Pepper Money require for a consent to let letter?
- I don't currently have consent to let by Pepper Money but I would like to change to one, I am looking at working away for a couple of years. But want to keep my home for my return - can you assist?
- I would like details of how to go about gaining consent to let from Pepper Money and what, if any, cost apply.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Pepper Money consent to let Advice
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Pepper Money