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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
- What information do Britannia require to have to make a decision on consent to let. I am on a three year fix with them. I have a good track record of mortgage payments over several years. I am looking at moving to the countryside due to surprising growth of family. My financial situation has not changed and in fact my salary has increased by 15% since the mortgage commenced.
- I want to let my existing house and want to acquire a larger house for the family. I have a two year fixed mortgage with Britannia. On the basis I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I refinance after two years with an alternative lender? Will it have to be buy to let mortgage and not a homeowner mortgage?
- Please explain "consent to let" to me? I live in a studio apartment and its in good condition. It is on the market and I have had very few viewings. This is because my neighbour is noisey. I have had to mention it on the disclosure sheet. I am with Britannia on a standard variable rate. Someone mentioned I should seek consent to let from Britannia and lease the flat to tenants.
- I have just been presented with a once in a lifetime job opportunity for 6 months in Denmark. I have enough money to pay the monthly Britannia mortgage yet the buildings insurance requires that the property must be occupied in order not to be invalidated. Last Christmas the roof had some leaks that were repaired. Should there be any problems through the winter months I would find it hard to afford remedial works. How likely is it that I will get consent to let from Britannia for a limited period?
- I am trying to find out if Britannia will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- I currently have a residential mortgage with Britannia and plan on letting due to work being based in Manchester. In asking for consent to let from Britannia do I run the risk of them forcing me to change deal to B2L
- I hope you can help What do I need to do to obtain consent to let from Britannia? And what are the charges?
- What happens if I have already leased out the property for some years as an HMO and now want to legalise the situation with Britannia by getting consent to let ? (work on the basis that Britannia had already given a homeowner mortgage in the past)
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition 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
If your property is leasehold, the lease may prohibit 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 your covenants under 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Britannia