Need Help?
Need professional advice for your consent to let with Tandem Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Tandem Bank consent to let: Q and A’s
- Hi, I have a mortgage on a flat with Tandem Bank and I am thinking of renting the property out. Could this be done without changing my mortgage or receiving consent to let from Tandem Bank?
-
We have an existing mortgage with Tandem Bank and need clarify if it would be possible to receive consent to let out our three bedroom first floor purpose built flat in Croydon.
The purpose for needing to find tenants for the property are are due to: -
- My family and I will be relocating to Cape Town in 3 months.
- By renting out the house this will facilitate savings to support the migration process.
- It would be pointless from a financial perspective to pay outright for a property which we are not living and by letting out the place this would be viewed as continuing investment.
If Tandem Bank granted permission to us for renting we would suggest some financial commitments which are as follows: -
- Maintain paying the monthly mortgage payment by standing order.
- Use an accredited letting agent who will provide a rent guarantee scheme as a further financial protection.
- Provide our forwarding details for when we move.
- My husband and I intend to rent our garden flat out. We have put an offer on a further property for us to buy and have a tenant to move into ours. I assume I have to ask our mortgage provider Tandem Bank for consent to let. Is there a template consent to let request letter I can use?
- Just wondering if Tandem Bank perform any checks when seeking a resi mortgage, I'm preferably looking to let the property out and am in two minds as to whether I should apply for consent to let. How likely are they to find out if I rent the house out?
- Were I to let my property with consent to let from Tandem Bank will there be any rate difference? I am currently on a fixed rate for three years.
- Six weeks ago I purchased my flat and took out a mortgage with Tandem Bank but my boyfriend has asked me to move in with him. Would I be granted consent to let?
- I may potentially need consent to let from Tandem Bank in the future with work. I am just exploring what the options would be if this was the case. Are there any time restrictions on how long you can let out your property with consent?
- I am enquiring as to whether there are any charges in obtaining consent to let on a leasehold property when I have a mortgage with Tandem Bank
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Tandem Bank 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
One thing to remember when arranging a consent to let mortgage with Tandem Bank is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger 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 Tandem Bank