Need Help?
Need professional advice for your consent to let with Ulster Bank Ltd? 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 Ulster Bank consent to let
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Is consent to let needed from Ulster Bank or can I let my property without telling Ulster Bank and having to switch to a B2L mortgage?
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I have a normal mortgage over my home in loc and intend to move to country for two years. During this period it would be ideal if I could lease out my apartment. My mortgage provider refuses to issue a consent to let. I wish to avoid taking out a buy to let mortgage as it’s only for a limited time-frame that I am abroad for.
- My husband and I have a flat in Lambeth which we acquired as a new-build just over twelve years ago. As we've now got a young son we are looking for more space. We've identified a house in Southwark that we wish to buy and want to keep the flat as an investment to rent out. The mortgage is with Ulster Bank and we've found a tenant who will pay rent which more than covers the monthly mortgage payment. My query is, can we keep the repayment mortgage with Ulster Bank so we effectively paying off our loan on the property or must we to move it to a buy-to-let mortgage?
- I are looking to let out our garden flat in Bexley in Feb. I would like some guidance on what I need to do. I've just moved our Ulster Bank mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- Are you able to give me some initial advice re consent to let? We have a Ulster Bank mortgage and are considering leasing the property out for two years, but cannot really afford to switch to a buy to let rate. Is consent to let an alternative to to switching to a buy to let rate?
- I took a residential mortgage with Ulster Bank, and I would like to rent the house out, until I decide whether to sell or keep it as an investment. At the moment I am on the standard variable rate. Will I need to remortgage? I.E. BTL?
- I would like to find out more about how to get consent to let on a property. In particular what is the procedure for consent to let if you have a domestic mortgage with Ulster Bank
- We need to contact Ulster Bank to enquire about renting out our property. Do they post a form to me. Is there a form I can download?
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Important warnings to consider in supplemental the above Ulster Bank 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could trigger your insurance becoming invalid. 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 restrictions are not strictly observed you may be in breach 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 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 Ulster Bank