Need Help?
Need professional advice for your consent to let with First Trust Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
First Trust Bank Consent to Lease Example Support Desk Enquires
- Eighteen months ago my wife and I purchased our council house, in Hackney,recently valued at £220k. It was paid for in full from our own finances, unencumbered. We can't sell (without penalty of losing some of our discount) before 5 years have expired. Regardless, we want to hold onto it as a investment property to rent out. We are considering taking out a mortgage with First Trust Bank. Will consent to let be given?
- My brother plans to rent out his apartment out without consent to let via his mortgage lender First Trust Bank. He has been on an interest only mortgage for about 8 years now. Outstanding amount is £99k, having purchased the flat for about £118k. If he lets the flat out privately, exactly what sanctions does he risk?
- My husband is in the army and he has been posted overseas and as we want to move as a family we need 'Consent to let' from our lender First Trust Bank. Can you assist us?
- Last month I got married and my wife and I would like to purchase a family home in the coming year, whilst keeping our garden flat in Croydon we currently live in to rent out. Mortgage on the flat is with First Trust Bank. I wish to avoid putting myself in a situation with two residential properties and then be refused consent to let.
- Will First Trust Bank want to know my reasons for seeking consent to let? Is it wise to disclose my potential relocation abroad?
- I was just looking into consent to let as it's something potentially I would need from First Trust Bank inside the next year. Our family circumstances has changed, and I would like to rent my place out
- Would I be able to remortgage to First Trust Bank from my existing provider, with a consent to let or do I need a let to buy loan, and if so what are the LTV's?
- Just a quick one. Will First Trust Bank force me into a consent to let product while I'm in a fixed rate product for twenty four months?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above First Trust Bank consent to let Questions and Answers
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 First Trust 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
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 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.
If you do not keep up the payments on your mortgage with First Trust Bank your property may be repossessed