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.
Questions and Answers: ASTRA mortgages consent to let
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My husband and I may need to lease our Sutton home temporarily due to a new job. This will be temporary but possibly for as long as seven years. Should I tell ASTRA mortgages or do I not rock the boat?
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The tenants for my property have asked for a duplicate of my ‘consent to let’ from ASTRA mortgages, my bank. Is this normal?
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I am a FTB looking to purchase a 2 bedroom house in ASTRA mortgages. I have a significant deposit with a mortgage from ASTRA mortgages. My predicament is that my fiancee has a flat in London and I hope to be moving in next month, when I would have to let out my house. I understand that consent to let is required but it does not sound like a guaranteed option. Is there any advice you can impart?
- I am three years up in a five year fixed term mortgage and planning to take an overseas job so wish to rent out my flat for 2 years. My equity is in the region of seventy per cent. Can you tell me if ASTRA mortgages will charge me more interest for consent to let for the period that the property is tenanted?
- We are trying to discover which mortgage providers are best for giving consent-to-let without hiking up rates, and hopefully permitting in excess of two years where required. Is that something you can help with? We are particularly interested in ASTRA mortgages
- My ASTRA mortgages mortgage rate is up next year can I move to a interest only with consent to let?
- I am looking at some alternative lifestyle. I have a ASTRA mortgages mortgage, if I become a US resident but wish to rent my UK house, ...what steps should I take to get consent to let. Can this be obtained on via email ?
- I am interested in further information concerning consent to let mortgages, potentially moving our existing mortgage with ASTRA mortgages over to a consent to let one.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above ASTRA mortgages consent to let Info
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 ASTRA mortgages 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 conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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