Need Help?

Need professional advice for your consent to let with Chelsea Building Society (a trading name of Yorkshire BS)? 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: Chelsea Building Society consent to let

  • Having endured living in a rough area for 3 years now, we now want to move. As disposing of the house will trigger a hefty early repayment charges to Chelsea Building Society of £5000, we thought that it would be sensible to rent it out. In the circumstances we need consent to let from Chelsea Building Society only a year. What can I do to get consent?

  • I have a current mortgage contract with Chelsea Building Society and wish to clarify if it would be possible to gain consent to let out our ground floor flat in Wandsworth.

    The reasons(s) for wishing to let out the property are are due to: -

    • My family and I will be migrating to Hong Kong in 3 months.
    • In renting out the house this will enable us to make some savings to assist with the migration process.
    • It would be pointless from a fiscal perspective to discharge the mortgage for a property which we are no longer living and by leasing out the home this would be viewed as an ongoing investment.

    If Chelsea Building Society agreed that we are able to proceed with renting we would suggest some financial commitments which are as follows: -

    • Maintain paying the monthly mortgage payment by direct debit.
    • Retain the services of an accredited letting agent who will provide a rent guarantee scheme as a further financial protection.
    • Supply our forwarding details for when we emigrate.
  • I am in the Royal Air Force and intending to acquire a house using a Chelsea Building Society mortgage. I would like to get consent to let this property to my parents. In the future I plan to reside in the property with my family when my military career comes to an end. Is this possible?
  • Is it right that lenders (I have a mortgage with Chelsea Building Society) are taking a more lenient approach towards consent to let? A mortgage adviser recently informed me that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I move from a standard to a Buy to let I am moving to a regulated product. He said that under the current regulation lenders are reluctant to allow borrowers do this, which is likely why some lenders will let borrowers have consent to let but not swap to a BTL product. Is this plausible?
  • I am nine months into a five year normal mortgage with Chelsea Building Society. Just wondering if it's ok to rent out the flat on my existing home loan. Will Chelsea Building Society issue consent to let?
  • My wife and I took out a mortgage with Chelsea Building Society a few months ago and although it's still early days we may have to relocate around next Summer and would like to be able to lease our flat out. Is this possible with a residential mortgage?
  • I would like advice as to how to proceed with obtaining consent to let from Chelsea Building Society and what, if any, fees I face.
  • I am interested in consent to let for my property mortgaged with Chelsea Building Society. How do I move forward? Do I have to call Chelsea Building Society and get them to agree?