Need Help?
Need professional advice for your consent to let with Bluestone 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: Bluestone Mortgages consent to let
- Are you able to give me some advice on the consent to let process. I am thinking about taking a Bluestone Mortgages mortgage on a £200,000 house in earlynext year. The intention is to hold the house as a second home but I would like to know what options there are to let the property in the future. If our circumstances were to change the property would either be sold or rented.
- Me and my OH and I may need to rent out our home for a while due to a career opportunity. As we will be away for no more than twelve months would we need a consent to let our house. We already have a Bluestone Mortgages mortgage. Is there any criteria for consent to let that the property or individual has to meet?
- A colleague recently asked for CTL from the Woolwich which they turned down as the mortgage had not been going for six months. I am about to seek consent to let from Bluestone Mortgages. Will they adopt the same rule?
- Our fixed rate mortgage with Bluestone Mortgages comes to an end on 8th May. I am about to relocate to Belfast with work in November. I wish to lease out the house in the short term. Can I get a consent to let the property?
- I would like to know the criteria for consent to let from Bluestone Mortgages and anyadditionalcosts to be incurred. Recently I have moved in with my partner and have a family member wanting to let out the property.
- I am a Bluestone Mortgages borrower. I would like to apply for consent to let my house. I have been waiting for a response from Bluestone Mortgages. Are you able to please check and help?
- I currently have a residential mortgage with Bluestone Mortgages and plan on letting due to work being based in London. In asking for consent to let from Bluestone Mortgages do I run the risk of them forcing me to change deal to B2L
- I might potentially need consent to let from Bluestone Mortgages in the future with work. I am just exploring what the options would be if this was the case. Is there a limit on the length you can let out your property with consent?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Bluestone 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
One thing to remember when arranging a consent to let mortgage with Bluestone 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 regular 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Bluestone Mortgages your property may be repossessed