Need Help?

Need professional advice for your consent to let with First Direct? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.

First Direct consent to let: Q and A’s

  • Much to my surprise I have been offered an excellent career opportunity for 6 months in Denmark. I have enough savings to pay the monthly First Direct mortgage however the block insurance requires that the property must be occupied in order not to be invalidated. Last winter the roof suffered storm damage but was repaired. If there happened to be any problems during the winter months I would find it hard to afford remedial works. Will I qualify for consent to let by First Direct for the time I am overseas?
  • I would like to let my one bed flat out from the end of Nov this year as I will be going for a few months. I have a domestic mortgage with First Direct. I will not be letting for more than 6 months. Most likely it will be five months. It has been suggested that I seek permission from my freeholder first? Please can you suggest what I should be doing in what order?
  • I want a bit of precautionary advice to consider if consent to let is a viable proposition. I completed the purchase of my apartment 8 months ago by porting an existing First Direct mortgage product. My fixed rate expired three months ago. I'm currently considering moving in with a new partner who has his own property and mortgage also with First Direct, which I would not seek to be added to. I don't want to sell my property yet because I'm unsure of whether the new move will work out. I don't want to change to a B2L mortgage yet for 2 reasons: 1) I need to discover if it is a marketable property with rents higher than my mortgage payments and 2) I need to find additional capital to satisfy the 65% LTV ratio required for a BTL loan. It would be preferable to get a consent to let from First Direct for a couple of years in order to be more secure in becoming a possible landlord and to generate the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, resume living there.
  • How many months after getting a new mortgage will a consent to let be likely to be given by First Direct? By way of history I bought my apartment in Barnet nearly two years ago and am currently on a fixed term for 3 years. Not long after I met my partner and plan to move in to his place. I am planning to get another fixed term next June. I assume that I would have to hold back for at least six months before I could apply for consent to let. Is that right?
  • I am looking to First Direct to issue me with consent to let out my flat in Hillingdon. I am moving to Norway for 8 months on a secondment.
  • So this is the scenario: I am moving to Paris as part of a promotion. This might be for a number of years. However I will be on a four month test period .I'm wanting to know how to go about getting consent to let from First Direct and what charges are involved
  • Last month I purchased a house with 10% deposit for personal uses. A homeloan was taken with First Direct. However my circumstances have now changed. I am being transferred overseas. Am I able to get consent to let from First Direct and put the house up for rent?
  • Do you know if there is usually a required LTV before First Direct will consider consent to let?