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Need professional advice for your consent to let with Principality Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.

Frequently asked questions relating to Principality Building Society consent to lease

  • Next month I will be moving to Dubai. Rather than sell my house, I would like to let it out, just in case things don’t go as expected. My existing mortgage is with Principality Building Society. If I looked to remortgage would a new lender see this as me seeking to avoid a Buy To Let mortgage, of which there is very little availability for 80% LTV, and therefore refuse my request for Consent to Let?
  • I have a Principality Building Society mortgage and have been renting my apartment without consent to let, making me in contravention of my mortgage terms and condition. I think that they have sussed that I am not residing there. What are the legal consequences of my failure to obtain consent to let?
  • I have a current mortgage contract with Principality Building Society and need clarify if it would be possible to gain consent to let out our ground floor flat in Wandsworth.

    The purpose for wanting to let out the property are as follows: -

    • My wife and I will be migrating to Hong Kong early next year.
    • In letting out the house this will enable us to make some savings to help the migration process.
    • It would be pointless from a financial point of view to pay outright for a property which we are no longer residing in and by leasing out the place this would be considered as an ongoing investment.

    If Principality Building Society granted permission to us for renting we would propose some financial commitments to include: -

    • Maintain paying the monthly mortgage payment directly from my current account.
    • Instruct an approved letting agent who will provide a rent guarantee scheme as a further financial protection.
    • Supply our forwarding address for when we relocate.
  • About 6 weeks ago I moved out my property in a hurry and let out the property. I am aware I should have gained consent to let by Principality Building Society but was not sure what the future would hold and it slipped my mind to get consent. I'm now in the position where I want to sell that house and transfer the Principality Building Society home loan to a new property. I can't see a path to do this without being at the mercy of Principality Building Society for not seeking consent to let. When switching, at the time of selling, you must say you intend to "park the rate" and go through fresh set of affordability checks. Although I do not envisage concerns with affordability, the credit check will indicate I don't live there any more.
  • I'm having to move to Australia for eighteen months for my job but I don't want to change my mortgage to BTL as the intention is to move back into it when I return. Do you know if Principality Building Society charges additional interest? Is there any work around?
  • Is it the case that a previous extension to a mortgage term with Principality Building Society be held against us once we sought consent to let from Principality Building Society.
  • Just wanted to know what needs to be provided to Principality Building Society in order to get consent to let? I just finished a three year fixed mortgage and potentially moving to another apartment with my husband.
  • I might be looking to rent out my property and wondered what I would need to do to get consent to let by Principality Building Society. I may be emigrating permanently.