Need Help?
Need professional advice for your consent to let with Cambridge Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Cambridge Building Society consent to let: Q and A’s
- I would like to see if I can receive consent to let on my existing apartment. I have a mortgage with Cambridge Building Society but my circumstances have changed. I'm about to move in with my partner and daughter who have a house and more room than my 1 bed flat. I am unlikely to qualify for a buy to let loan as I don't have the funds for a deposit nor do I earn in excess of £25000 a year.
- What is the process for obtaining consent to let from Cambridge Building Society? What evidence do they ask for? is there a fee to pay? Is consent generally limited in time and if so, for how long? Do I need to renew it annually? What if I obtain a consent but decide not to lease out the property?
- I have an offer accepted to purchase a property, we have a deposit of between 20-25% for a domestic mortgage with Cambridge Building Society. The one concern is we are due to go overseas in three months for work. We are using a financial adviser. He says if you tell this to the lender up front we will need to get a buy to let. Do go ahead with residential mortgage with Cambridge Building Society, in a couple of months ask them if we can have consent to let? Otherwise, do we try and speak to Cambridge Building Society now and disclose 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 confirm before hand that it wouldn't be a problem
- We are looking to rent out our three bedroom first floor purpose built maisonette in Hillingdon in August. I would like some guidance on what I need to do. I've just moved our Cambridge Building Society mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- I am seeking consent to let for my flat as I am moving out for nine months currently fixed Cambridge Building Society mortgage with three years which is up on December next year.
- I am trying to find out if Cambridge Building Society 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.
- We would like to obtain consent to let on a house where we have a mortgage with Cambridge Building Society. If issued, how long would consent be given for? In seeking consent to let from Cambridge Building Society are we running the risk of them forcing us to change deal to buy to let
- We have an cottage in our garden. Do we need consent to let this from Cambridge Building Society? If so, what is the process if I wish to switch the mortgage to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Cambridge Building Society consent to let Info
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 Cambridge Building Society 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 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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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 Cambridge Building Society