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Need professional advice for your consent to let with DB UK Bank Ltd? 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: DB UK Bank consent to let
- I am 2 years up in my five year fixed term mortgage and have accepted a job abroad so wish to rent out my property for a couple of years. My L2V is about sixty per cent. My query is whether DB UK Bank will charge me more interest for consent to let for two years?
- I have a mortgage with DB UK Bank on a property and I wish to let it out and rent another house as a result of changes in personal circumstances - I want to move to a different location, and to live in a bigger house with my fiance. I sought consent to let and yesterday got a response refusing because they determined that I want to invest. I as at a loss as to what my options are. The process has put me at risk since I am already committed to the new house and am faced with paying both DB UK Bank and rent payments, which could expose me financially. The matter needs to be resolved soon because a potential tenant waiting in the wings
- My fiance and I I have a domestic mortgage with DB UK Bank but I would like to occasionally take in lodgers....am I obliged to obtain consent to let from DB UK Bank?
- About 6 weeks ago I vacated my property in a hurry and rented out the property. I am aware I should have sought consent to let by DB UK Bank but was unsure what the future would hold and just forgot about it. I find myself in circumstances where I wish to sell that house and transfer the DB UK Bank home loan to a new apartment. I can't see a path to do this without finding myself at the behest of DB UK Bank for failing to obtain consent to let. When porting, at the time of redeeming the mortgage, you must say you intend to "port the rate" and go through fresh set of affordability checks. Although I do not foresee issues with affordability, the credit check may show I don't live there any more.
- I am thinking about moving in with my partner but would rather not to sell my place. What is the process for requesting consent to let from DB UK Bank, and how likely is it that this will be granted?
- We have a mortgage with DB UK Bank and would be thinking about purchasing another main residence and then subsequently renting our current home out. Do I need consent to let from DB UK Bank?
- I was just wondering how to obtain consent to let from DB UK Bank...do I phone them or apply formally in writing to them?
- Soon to remortgage my property but I will potentially moving out in the near future and would be looking to let it out. Do you think I can get buy to let or consent to let from DB UK Bank?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above DB UK Bank consent to let Advice
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 DB UK Bank 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 standard 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach 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 DB UK Bank