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Need professional advice for your consent to let with Birmingham Bank? 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: Birmingham Bank consent to let

  • We have a homeowner mortgage with Birmingham Bank. This has been in place for three years. We are intending on letting out our house and renting in an area close to our daughter’s school until we find the right property to buy. Do Birmingham Bank usually give consent to let and if so, are there any financial implications?
  • I have a residential loan with Birmingham Bank. I would like to buy a further house and my financial adviser recommended I apply for a consent to let. As far as I am aware they will only accept the consent to let where it is my intention to move back into my current property. Have I been given the right information?
  • We have a flat in Tower Hamlets which we purchased off-plan about eight years ago. As we've now got a young son we are looking for more space. We've found a house in Southwark that we wish to buy and want to keep the flat as an investment to rent out. The mortgage is with Birmingham Bank and we've found a tenant who will pay rent which more than covers the monthly mortgage amount. Our question is, can we keep the repayment mortgage with Birmingham Bank so we effectively paying off our mortgage on the flat or do we have to swap to a buy-to-let product?
  • I'm six months into a two year fixed mortgage with Birmingham Bank. The LTV is just 50%. I've come across a really good deal on a maisonette in Bexley which I would not want to miss. It appears that the only way to purchase the other property is to release most of the remaining equity. I'm thinking of letting the existing property which would adequately cover the mortgage with Birmingham Bank. Is it possible to obtain consent to let from Birmingham Bank and and then seek an equity release after it's let out?
  • When it comes to consent to let from Birmingham Bank am I supposed to tell them each time we get a new tenant and post them a copy of the lease?
  • How do I go about gaining consent to let by Birmingham Bank? Are there specific policies such as you have to live in the property for a year before its given?
  • Last month purchased a one bedroom first floor purpose built maisonette in Hackney. I am first time buyer. I am moving Ireland next month, can I get consent to let from my lender Birmingham Bank or do need to wait for at least 6 months?
  • Will I need consent to let from Birmingham Bank if I am planning to occupy the house myself for three months of the year? Furthermore if I gain consent to let for a period of time, say up to two years, what happens thereafter.