Need Help?
Need professional advice for your consent to let with ASTRA mortgages? 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 ASTRA mortgages consent to lease
- Last year my wife and I bought our council home, in Wandsworth,recently valued at £200k. It's completely paid for from our own finances, unencumbered. We are prohibited from selling (without penalty of losing some of our discount) before five years have gone by. Regardless, we want to retain it as a investment property to rent out. We are considering taking out a mortgage with ASTRA mortgages. If ASTRA mortgages refuse are there lenders that might be amenable and grant consent to let?
- At the moment have a three year fixed rate mortgage with ASTRA mortgages that we're about a year into. Our situation has now altered and we would like to let out our house for a year and move to another town. How do we mitigate the risk of ASTRA mortgages rejecting consent to let.
- I have been a mortgage holder with ASTRA mortgages for 1999. I got divorced three years ago and bought the ex wife out. My situation has changed, I want to retain my house but move in with my new partner, renting my house out. I have been told by my IFA that I can request consent to let by ASTRA mortgages instead of a BTL mortgage as I I did not buy the house with the intention of letting it out, advice please?
- The likelihood is that I will have the opportunity to work overseas in a couple of years. I am therefore possibly scaling down to a newer property in Hackney which I could rent out with less difficulty as and when required. I would aim to retain half the equity in the new flat which would be my home for a while. My current mortgage co limits consent to let for a year. I suspect renting it out longer term and not having consent could result in a whole host of legal issues. Buy-to-let seems inappropriate given that I will be living there, maybe for 2-3 years initially. What type of mortgage do I ask for, and from whom? Do lenders such as ASTRA mortgages give consent to let for an open ended period?
- Will ASTRA mortgages choose to exercise a right to convert the rates on a owner-occupier mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'? Is it possible to remortgage on a consent to let with ASTRA mortgages?
- Do I require consent to let if I let to a family member (in my case my brother now lives there and contributes towards the ASTRA mortgages mortgage)?
- I am intending on moving within the next 6 months and want to rent my house out. My mortgage rate is fixed with ASTRA mortgages. I am concerned that a 1% increase would be too much if that was linked to getting consent to let
- Will ASTRA mortgages give consent to let my house? I currently have a homeowner mortgage, never been in arrears and have been with ASTRA mortgages for just over five years now. What fees am I likely to incur
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Important warnings to consider in further to the above ASTRA mortgages 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from 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
Omitting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with ASTRA mortgages your property may be repossessed