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Need professional advice for your consent to let with Britannia? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Britannia consent to let: Q and A’s
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Having endured living in a rough area for 3 years now, we now want to move. As disposing of the property will involve redemption penalties to Britannia of £5000, we considered that it would be sensible to let it out. In the circumstances we need consent to let from Britannia only for less than a year. Will Britannia grant consent?
- Two years ago I was granted consent to let from my current lender which is about to come to an end. I have since been traveling and had my first child. I'm not earning enough just now to pay the mortgage on my own. I have been told I can't extend my consent to let and if I continue renting out I will be in action would be taken for breaching my mortgage contract. Due to affordability I it is likely that I will be refused to transfer to a BTL product. One option I am considering remortgaging to Britannia. Are they likely to give consent to let from the start?
- I would like to move and let out my studio flat in Waltham Forest. Having bought it in winter 2007 and currently on a high ltv there is little equity in it. My mortgage is with Britannia. Do you know where Britannia stand on consent to let?
- My brother and his partner currently lodge with me at my flat. Next Summer I would like to move out of the property and in with my partner. How likely is it that I will be able to get consent to let from Britannia after only having the mortgage for nine months?
- I'm planning to relocate to Kenya for eighteen months for my job but I don't want to change the mortgage to BTL as the intention is to reoccupy it when I return. Do you know if Britannia charges additional interest? Is there any work around?
- I'm thinking about letting my property on a domestic mortgage with Britannia what is the procedure for getting consent to let?
- I would be interested to know what information I should include in a letter requesting consent to let my property in Croydon? I would like to send a request to my mortgage provider Britannia.
- We have three months to remaining on a two year residential mortgage with Britannia but now lease the property out. is it safe to assume they will simply charge a flat fee for consent to let?
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Information to consider in further to the above Britannia consent to let Questions and Answers
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 Britannia 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 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Britannia your property may be repossessed