Need Help?
Need professional advice for your consent to let with Rely Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Rely Mortgages consent to let
- My wife and I reside in a house where there exists some empty bedrooms. We are considering the prospect of setting up an AirBnB style business to let half the property out on a check-in and check-out basis. Are you aware if this kind of thing allowed under Rely Mortgages’s consent to let protocol?
- How straightforward it would be to get consent to let from Rely Mortgages. I'm interested in fixed residential mortgage and hope to live at the property but would like to know my options for example - if a job elsewhere was attractive or for a year overseas.. Please let me know how challenging it is in your experience with Rely Mortgages?
- I would like to let my current residence as I wish to purchase a bigger house for the family. I have a fixed rate mortgage with Rely Mortgages. Provided I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I refinance after a couple of years with an alternative lender? Will it have to be buy to let mortgage and not a residential mortgage?
- Is it right that mortgage companies (I have a mortgage with Rely Mortgages) are adopting a more relaxed approach towards consent to let? A mortgage adviser recently told me that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. So if I transfer from a standard to a BTL I am moving to a regulated product. His belief was that under the current regulation banks are wary of letting borrowers do this, which may explain why some lenders will permit customers obtain consent to let but not move to a BTL mortgage. Is he plausible?
- My existing mortgage is with Rely Mortgages, but I am going to need to get consent to let for about 12 months as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to take a break for a year (by living near her parents and getting support) in a greener more relaxed part of Bristol.
- Afternoon? I am just curious if Rely Mortgages offer consent to let as an option if I decided to rent out my home under a domestic mortgage. Is there a specific rule for right to buy property and consent to let?
- I have had my mortgage with Rely Mortgages since 2004 and always made payments If I sought consent to let would it be given?
- I am trying to find out if Rely Mortgages will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Rely Mortgages consent to let information
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
Omitting 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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 Rely Mortgages