Need Help?
Need professional advice for your consent to let with Clydesdale Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Clydesdale Bank consent to let
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I have a regular mortgage over my home in loc and am due to relocate to country for a couple of years. During this time it makes financial sense to lease out my house. My bank has declined to grant me consent to let. I wish to avoid taking out a buy to let loan as it’s only for a short period that I am abroad for.
- My residence valued at £97,000. Outstanding home loan of £18k with 8 years to run. Apply for consent to let via Clydesdale Bank for current premises and utilise rent to pay off remaining of mortgage. Apply for 75 % Clydesdale Bank mortgage on further house that I will consider to be my main home? Can this be done?
- Following retirement in June I acquired a “retirement home” for my wife and myself to move to. Our intention is to let our current property to our grandson and I have consequently contacted Clydesdale Bank for consent to let. I was just seeking a general view on whether Clydesdale Bank currently allows it?
- Our existing property in Havering has approximately £95K equity with a home loan with Clydesdale Bank. It's a decent family house in a popular area and it should rent easily. We are possibly moving for my partner’s work and were thinking of holding onto the house on as a rental property - would we need to change the loan to a buy to let product or should we apply for consent to let from Clydesdale Bank?
- How likely is it that I can retain my current homeowner mortgage with Clydesdale Bank if I start renting out? If the consent to let is given will they tie me into an increased rate?
- My work commitments are changing and this could result in mebe in different countries a lot and in the circumstances I wish to get to grips with the procedure for seeking consent to let with Clydesdale Bank
- Please can you provide me with advice as to how to proceed with gaining consent to let from Clydesdale Bank and what, if any, cost I face.
- Please could you clarify what the process would be if we move to a new home and need to obtain consent to let for our existing mortgage with Clydesdale Bank
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Important warnings to consider in supporting the above Clydesdale Bank 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may trigger your insurance becoming invalid. 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 terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in 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 Clydesdale Bank