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Need professional advice for your consent to let with The Mortgage Works? 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 The Mortgage Works consent to lease
- We are in possession of a mortgage offer from The Mortgage Works, but we hit a brick wall. My husband works in a boarding school, whereby we are provided with a residence as part of his employment. We wish to purchase a 2 bed flat with a view to joining the property ladder, and rent it out while we're based at the school. I had thought The Mortgage Works would grant consent to let from the outset of the mortgage. It appears that I may not be granted consent to let. Can you give me any ideas what we can do?
- Our present house in Wandsworth has approximately £120K equity with a mortgage with The Mortgage Works. It's a nice family house in a popular location and I think it would rent easily. We are probably moving for my partner’s work and were considering keeping this house on as a rental property - should we be swapping the loan to a B2L product or can we get consent to let from The Mortgage Works?
- I have been a mortgage customer with The Mortgage Works for 1998. My divorce was finalised three years ago put the property in my name by transfer of equity. My circumstances have changed, I want to keep my house but move in with my new partner, letting my house out. I have been informed by my financial advisor that I can ask for a consent to let by The Mortgage Works instead of a BTL mortgage as I I did not buy the property in the first place in order to let, advice please?
- We are currently in Melbourne and letting out our apartment in Lambeth. This is not something we planned but an opportunity arose and we took it. The rent achieved on the property is not enough to cover the mortgage so we send back funds each month to make up the shortfall. Anyway this morning I got a letter in the mail from our lender informing me that because the property is being let out and has been for nearly four 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 not be easy as I am on the other side of the world. Could we remortgage with The Mortgage Works and get consent to let?
- How much is it to get a consent to let from The Mortgage Works on my residential property. Recently I have moved in with my wife and have a friend wanting to let out the property.
- I have The Mortgage Works mortgage and am considering letting the property. I understand I would need a consent to let to do this...is that right ?
- I took a domestic mortgage with The Mortgage Works - about 28% equity. I am considering relocating due to a promotion and enquiring whether consent to let would be given so I could rent out the house?
- I have fixed rate mortgage with The Mortgage Works. I may have to rent out my flat due to necessity. If I seek consent to let, will I have to pay a lot more interest?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above The Mortgage Works consent to let information
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
One thing to remember when arranging a consent to let mortgage with The Mortgage Works 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 regular 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with The Mortgage Works your property may be repossessed