Need Help?
Need professional advice for your consent to let with Hodge Equity Release? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Hodge Equity Release consent to let: Q and A’s
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Can Hodge Equity Release activate a right to increase interest rates on a homeowner mortgage where Consent to Let at any time, onto ‘rates akin to their Buy to Let loans'?
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Is consent to lease required from Hodge Equity Release or can I lease out my garden flat without telling Hodge Equity Release and having to transfer to a buy-to-let loan?
- Please can you providing me a little info on the consent to let process. I am thinking about taking a Hodge Equity Release mortgage on a £350,000 house in six months time. The aim would be to hold the house as a second home but I would like to know what options there are to let the property in the future. If our situation was to change the house would either be sold or let out.
- If a property owner chooses to let out their property without consent to let via Hodge Equity Release - what, if any implication might there be for an agent acting on their behalf?
- My OH and I are nine months into a three year first time buyer mortgage with Hodge Equity Release. Just enquiring if it's permitted to let out the property on my current home loan. Will Hodge Equity Release grant consent to let?
- We are about to buy a flat and plan to live in it once we have renovated but we may need to let the property out but not sure what the rules are on consent to let from Hodge Equity Release? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
- Do you know whether Hodge Equity Release will accept rental income on consent to let for affordability purposes or does it need to be BTL ? Would Hodge Equity Release let me raise capital based on the rental income ?
- I am currently in the process of getting a mortgage through Hodge Equity Release - I foresee that in the within months I may decide to let out the property - how would I switch the normal mortgage to a buy to let mortgage?
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Information to consider in supplemental the above Hodge Equity Release consent to let information
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 lease may prohibit 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hodge Equity Release