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Need professional advice for your consent to let with Pepper Money (PUK)? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Pepper Money (UK) consent to lease
- I have had a current mortgage with Pepper Money (UK) approaching two years and the fixed rate is due to come to an end. We are contemplating releasing equity from our current place to enable us to purchase a bigger house and then rent out the existing garden flat. We were originally informed that we ought to get a new residential mortgage allowing for consent to let - what does this mean?
- I have a two bed leasehold flat via a Pepper Money (UK) mortgage and have a lodger sharing with me. I have decided to take a job in a different city and will rent there. My lodger doesn't want to leave so has agreed to pay an increased rent. Must I get consent to let by Pepper Money (UK)?
- How easy is it to change a residential mortgage with Pepper Money (UK) to a consent to let. It will be less than 70% ltv and it would alter from capital and interest repayment to interest only?
- Our current house in Islington has probably about £80K equity with a mortgage with Pepper Money (UK). It's a decent family house in a popular catchment and it should rent well. We are possibly moving for my husband's work and were considering keeping this house on as a rental property - should we be swapping the loan to a buy to let product or should we apply for consent to let by Pepper Money (UK)?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Pepper Money (UK). My property is worth approx £200k and owe £57k on it. Will Pepper Money (UK) increase my interest rate?
- I am currently in the process of applying for a mortgage through Pepper Money (UK) - I foresee that in the coming months I may decide to rent the property out - how would I swap the homeowner mortgage to a BTL mortgage?
- Last month purchased my flat and took out a mortgage with Pepper Money (UK) but my boyfriend has asked me to move in with him. Would I be allowed consent to let?
- I have a mortgage with Pepper Money (UK). I am thinking of moving out and renting out my property. Am I required to obtain consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Pepper Money (UK) consent to let Questions and Answers
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
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 conditions are not complied with you may be in violation of your covenants under 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Pepper Money (UK)