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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.
Bluestone Mortgages consent to let: Q and A’s
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Having endured living in a rough area for 3 years now, we are keen to relocate. As selling the house will trigger a hefty early repayment charges to Bluestone Mortgages of £2500, we considered that it would best to rent it out. So, we need to obtain a consent to lease from Bluestone Mortgages only 12 months. Will Bluestone Mortgages grant consent?
- My property valued at £97,000. Bluestone Mortgages mortgage owing £25k with 8 years left. Get consent to let from Bluestone Mortgages for current residence and make use of income to pay off what is left of the loan. Take out 75 % Bluestone Mortgages mortgage on further premises that I will consider to be my main address? Any reason I cant do this?
- I am aware of the GGT consequences of converting a Bluestone Mortgages mortgage to consent to let, but what about the ongoing rental income vs expenses? Say I changed my former owned ground floor flat into CTL and moved out and pay rent elsewhere. Is it legitimate to expense the rent I am paying from the rental income?
- We have an offer accepted to purchase a house, we have a deposit of between 20-25% for a domestic mortgage with Bluestone Mortgages. The small problem is we may leave the country in three months for work. We are using a mortgage broker. She says if you tell this to the lender in advance you will need to get a buy to let. Do go ahead with residential mortgage with Bluestone Mortgages, shortly thereafter seek consent to let? Alternatively, do we try and speak to Bluestone Mortgages at this point and say there is a chance we will move abroad in the future (I have not signed anything as yet to move abroad) and see if they agree in advance that it should not be a problem
- I would like to let out the attic in my apartment in Sutton. Do I require consent to let from my lender Bluestone Mortgages?
- I am trying to investigate if it is possible to get a consent to let mortgage with Bluestone Mortgages rather than a buy to let mortgage
- Would a prior extension to a mortgage term with Bluestone Mortgages be held against us when we sought consent to let from Bluestone Mortgages.
- Does my LTV need to be at a certain ratio to allow me to apply for a consent to let from my mortgage lender Bluestone Mortgages. Does it make a difference that I only drew down on the mortgage two months ago?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further 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 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 breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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