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Need professional advice for your consent to let with Bank of Ireland (UK) plc? 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: Bank of Ireland consent to let
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We've been renting my wife's old house out with "consent to let" from Bank of Ireland on a homeowner mortgage for the last three years. Bank of Ireland have now advised that they are withdrawing their consent to let unless we transfer to one of their "buy to let" loans.
- I'm buying a garden flat in Haringey. I will only want to live there for a year, and subsequently move into a bigger apartment. Rather than sell the first property I'd like to rent it out so that it form part of my investment portfolio. Do you know if Bank of Ireland would give consent to let after 9 months?
- I'm just looking here for a my cousin as he’s at work who has a mortgage with Bank of Ireland. He asked me to find out if there is a fee for consent to let? He has been offered a job 95 miles away and wants to rent out his flat in the interim.
- I have been a mortgage customer with Bank of Ireland for 14 years. I got divorced twelve ago and bought the ex wife out. My circumstances have changed, I wish to keep my house but live with my new partner, renting my house out. It has been suggested by my IFA that I can ask for a consent to let by Bank of Ireland rather than a BTL mortgage as I haven't purchased the house in the first place in order to let, your view would be appreciated?
- My wife and I are having to relocate to the US for eighteen months for my job but I don't want to convert my mortgage to BTL as I want to move back into it when I return. Do you know if Bank of Ireland charges extra on the interest? Is there any way around this?
- I am looking to Bank of Ireland to issue me with consent to let out my flat in Merton. I am moving to Norway for Eight months for work.
- Afternoon? I am just curious whether Bank of Ireland offer consent to let as an option if I decided to rent out my property under a residential mortgage. Is there a specific rule for right to buy property and consent to let?
- Does my LTV need to be at a certain level to allow me to apply for a consent to let from my mortgage provider Bank of Ireland. Will it make a difference that I only drew down on the mortgage three months ago?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Bank of Ireland 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 Bank of Ireland 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 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 violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Bank of Ireland your property may be repossessed