Consent-to-let Help for Coutts

Frequently asked questions relating to Coutts & Co consent to lease

• We have an existing mortgage with Coutts & Co and wish to clarify if it would be possible to seek consent to let out our ground floor flat in Wandsworth.

  The purpose for wishing to find tenants for the property are are due to: -

  • My family and I will be relocating to India next spring.
  • In letting out the house this will enable us to make some savings to support the migration process.
  • It would be pointless from a fiscal point of view to redeem the mortgage for a property which we are not living and by leasing out the home this would be viewed as continuing investment.

  If Coutts & Co agreed that we are able to proceed with renting we would propose some financial commitments which are as follows: -

  • Continue to pay the monthly mortgage payment directly from my current account.
  • Use an approved letting agent who will provide a rent guarantee scheme as a further financial protection.
  • Supply our forwarding address for when we move.
• I have a mortgage with Coutts & Co however my husband and I will be emigrating to Cape Town in September. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
• I have been leasing my flat to a tenant for a few years but not on a BTL mortgage because I naively considered that you only needed a BTL if you had more than one mortgage. In trying to acquire a further property, I discovered that I should have obtained consent to let at the outset from my lender Coutts & Co. I'm wondering whether I can now seek consent to let from Coutts & Co?
• I recently got married and my wife and I would like to buy a family home in the coming year, whilst keeping our one bedroom first floor purpose built maisonette in Westminster we currently live in to rent out. Mortgage on the flat is with Coutts & Co. I wish to avoid putting myself in a situation with two residential properties and then be refused consent to let.
• I am looking at moving abroad for work and would like consent to let from Coutts & Co whilst I am away. Is the way forward to prepare a letter requesting consent to let and send it off in the post to Coutts & Co? Letting the property isn't to make money but to retain the property in case things don't turn out as well as we hope
• How simple is it to get a consent to let from Coutts & Co and what will it cost me? If I want to let out my property for a couple of months how simple is it to fluctuate between a standard mortgage and consent to let?
• In the event that I was successful in obtaining consent to let from Coutts & Co, can I sell during the consent period? Is it possible that I would incur any penalties?
• I have fixed rate mortgage with Coutts & Co. I am going have to let out my house due to necessity. Were I to seek consent to let, will I have to pay significantly more interest?