Need Help?
Need professional advice for your consent to let with Cynergy Bank? 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 Cynergy Bank consent to let
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I have a homeowner mortgage over my property in loc with the intention of moving abroad to country for three years. During this time frame I want to rent out my apartment. My bank will not provide me with consent to let. It’s hardly ideal to move to a buy to let loan as it’s only for a limited time-frame that I am going away for.
- My husband and I have a standard variable rate mortgage with Cynergy Bank. This has been in place since 2006. We are potentially leasing out our property and renting in an area close to our son's school until a suitable house becomes available to buy. Do Cynergy Bank normally grant consent to let and if so, are there any financial consequences?
- I have a residential loan with Cynergy Bank. I wish to purchase a further house and my financial adviser recommended I apply for a consent to let. I was under the impression that they only grant consent to let if I have the intention to reoccupy my current home. Have I been advised correctly?
- I am in the armed forces and am looking to acquire a property using a Cynergy Bank mortgage. I would like to get consent to let this house to my sister. In the future I would reside in the property myself when my military career comes to an end. Is this possible?
- My partner and I are looking to ask Cynergy Bank for consent to let out our home in Sutton. We are moving overseas for three years and wish to rent out the property. I didn't check this out when we took the Cynergy Bank mortgage, and that was purely because we never thought an opportunity would arise such as this so was planning on living in the property.
- My wife and I took out a mortgage with Cynergy Bank a few months ago and although it's still early days we may have to relocate around next July or August and would like to be able to let our property out. Is this possible with a homeowner mortgage?
- I am interested in more information in relation to consent to let mortgages, potentially moving our existing mortgage with Cynergy Bank over to a consent to let one.
- I have a granny flat attached to our house. Do we need consent to let this from Cynergy Bank? If so, what is the process if I would like to switch my mortgage to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Cynergy Bank 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
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 result in your insurance becoming null and void. 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 provisions in the lease may prevent 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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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 Cynergy Bank your property may be repossessed