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Need professional advice for your consent to let with Santander? 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 Santander consent to lease
- Please can you providing me some more detail on the consent to let process. I am considering a Santander mortgage on a £350,000 house in twelve months time. The intention is to hold the house as a second home but I would like to know what options there are to let the property in the future. If our situation was to change the house would either be sold or rented.
- I'm just looking here for a my brother as he’s at work who has a mortgage with Santander. He asked me to find out if there is a fee for consent to let? He has been in his property for two years but has been offered a job abroad away for 2 years and is considering renting the apartment out while he is away.
- My husband and I currently live in NYC and letting out our apartment in the UK. This was unplanned but an opportunity arose and we took it. The rent received on the apartment is not enough to cover the mortgage so we send back funds each month to make up the difference. Anyway this morning I got a letter in the post from our lender telling me that because the property is being let out and has been for almost three years we will have to pay 1.5% interest in addition to our current mortgage rate. One option is to sell up but this will be far from easy as I am so far away. Could we remortgage with Santander and get consent to let?
- I am looking for our family to move to give us all more space. We are thinking about buying another house next year. The house was valued at £185k and we have about £70k left to pay on the Santander mortgage. We would prefer to keep this house if possible and let it out with consent to let. Can you have a mortgage on two properties at the same time or do we need to fully pay off our current mortgage first?
- I am looking for some generic information on consent to let. I already have a mortgage in place with Santander. I have been given licence to sublet my GFF from the managing agents and they asked if I have consent to from Santander.
- I am considering moving in with my boyfriend at his home and would like to rent out my property that I bought thirteen months ago, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to gain consent to let from Santander If I obtain consent would my mortgage payments go up?
- I am currently in the process of applying for a mortgage through Santander - There is a likelihood that in the within months I may decide to let out the property - how would I switch the FTB mortgage to a buy to let mortgage?
- What, if any, income criteria do Santander set for consent to let on an existing domestic mortgage?
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Important warnings to consider in conjunction with the above Santander 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
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 conditions are not complied with you may be in breach 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 commencing legal proceedings 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 Santander