Consent-to-let Help for Virgin Money

Frequently asked questions relating to Virgin consent to lease

• What information do Virgin need to to determine whether to grant consent to let. I am on a three year fix with them. I have never defaulted in payments. I am planning a move to Harrow due to surprising growth of family. My financial situation has not changed and in fact my annual income has gone up 20% since the mortgage commenced.
• I have a Virgin mortgage and have been letting out the property without consent to let, which I am now led to believe means I am in contravention of my mortgage Ts and C’s. They may have suspicions that I am not living there. Is my only option is to dispose of the property before repossession?
• We are currently in Hong Kong and leasing out our flat in Tower Hamlets. This is not something we planned but an opportunity came up and we took it. The rent we make on the apartment is not enough to cover the mortgage so we send back funds each month to cover the difference. Earlier today our lender got in touch telling me that as 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. We could sell the apartment but this will not be easy as I am so far away. Would it be possible to remortgage with Virgin and get consent to let?
• Is it right that lenders (I have a mortgage with Virgin) may start taking a more relaxed approach towards consent to let? A mortgage adviser suggested that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I move from a residential to a Buy to let I am moving to a regulated product. His belief was that under the current regulation banks are reluctant to allow borrowers do this, which is likely why some banks will permit borrowers have consent to let but not swap to a Buy to let product. Is he an accurate assessment?
• I am looking to Virgin to issue me with consent to let out my flat in Camden. I am travelling for a year
• My existing mortgage is with Virgin, but I am going to need to get consent to let for about a year 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 mother and stepfather and getting support) in a greener more relaxed part of London.
• I am thinking about moving in with my partner but do not want to to sell my property. How do I go about getting consent to let from Virgin, and what are the chances that this will be issued?
• I am interested in further information regarding consent to let home loans, potentially transferring our existing mortgage with Virgin over to a consent to let one.