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.
Top Five Questions relating to Cynergy Bank consent to lease
- I have a residential Cynergy Bank mortgage and am keen to gain consent to let as I would like to move to another flat belongings to me. It looks like might be able to help. How do your fees work for this service?
- We have a flat in Haringey which we purchased off-plan just over eight years ago. As we've now got a young son we need more space. We've identified a house in Tower Hamlets that we're going to buy and want to keep the flat as an investment to rent out. The mortgage is with Cynergy Bank and we've found a tenant who will pay rent in excess of the monthly mortgage payment. My question is, can we keep the repayment mortgage with Cynergy Bank so we effectively paying off our mortgage on the property or must we to transfer to a buy-to-let product?
- My husband have an offer accepted to purchase a house, we have a deposit of between 10-15% for a standard mortgage with Cynergy Bank. The one concern is we may leave the country in 2 months for work. We are using a mortgage broker. He says if you tell this to Cynergy Bank up front we will need to get a buy to let. Do go ahead with residential mortgage with Cynergy Bank, in a couple of months ask them if we can have consent to let? Alternatively, do we try and contact Cynergy Bank at this point and say there is a possibility we will move abroad in the future (I have not signed anything as yet to move abroad) and see if they confirm before hand that it wouldn't be an issue
- I have had a Cynergy Bank mortgage for just over eight months but I discovered this morning that I am about be made redundant. I would like tips on applying for consent to let by Cynergy Bank
- It is looking as though I may need to move to Philadelphia for a couple of years, I have a property with a Cynergy Bank mortgage. Do I need to seek consent to let? Will they be accommodating?
- I am considering moving in with my boyfriend at his home and would like to rent out my property that I bought last year, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to obtain consent to let from Cynergy Bank If I obtain consent would my mortgage payments increase?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Cynergy Bank. My property is worth approx £185k and owe £85k on it. Do you think Cynergy Bank increase my interest rate?
- I am a Cynergy Bank borrower. I would like to apply for consent to let my house. I have been waiting for Cynergy Bank to get back to me. Could you please check and help?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Cynergy 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
One thing to remember when arranging a consent to let mortgage with Cynergy Bank 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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 Cynergy Bank your property may be repossessed