Consent-to-let Help for Kensington Mortgage Company Ltd

Questions and Answers: Kensington Mortgage consent to let

• I want to purchase a second house having recently purchased a maisonette on normal mortgage. Planning to purchase next year. I have been advised that I may have to get a consent to let from Kensington Mortgage, my current mortgage provider? What is the best way to go about this and gain the permission required.
• I have a current mortgage contract with Kensington Mortgage and need clarify if it would be possible to obtain consent to let out our ground floor flat in Brent.

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

  • My wife and I will be moving to Melbourne in 3 months.
  • By renting out the property this will enable us to make some savings to help the migration process.
  • There is little merit from a fiscal point of view to redeem the mortgage for a property which we are no longer residing in and by letting out the home this would be deemed as an ongoing investment.

  If Kensington Mortgage agreed that we are able to proceed with renting we would propose some financial commitments to include: -

  • Maintain paying the monthly mortgage payment by direct debit.
  • Use an approved letting agent who will provide a rent guarantee scheme as a further financial protection.
  • Provide our forwarding details for when we move.
• Am with Kensington Mortgage and wonder if I am duty bound to notify them if we no longer live in the property. I believe that they may jack up the interest rate if we move and rent it out but it's far from apparent what the increase would be. If I decide to let my property out and apply for consent to let how would the payments change?
• I have been a mortgage customer with Kensington Mortgage for since 2009. My divorce was finalised 18 ago put the property in my name by transfer of equity. My situation has changed, I wish to retain my house but live with my new partner, letting my house out. It has been suggested by my IFA that I can seek consent to let by Kensington Mortgage instead of a buy to let mortgage as I I did not buy the property with the intention of letting it out, your advice would be appreciated?
• If I am tied into a fixed rate with Kensington Mortgage but am thinking of letting out my property, is there a fee for consent to let from Kensington Mortgage and does the interest rate get uplifted?
• I might be looking to let out my property and wondered what I would need to do to obtain consent to let from Kensington Mortgage. I may be moving abroad for six months.
• What, if any, income criteria do Kensington Mortgage set for consent to let on an existing homeowner mortgage?
• Is there a time limit on a consent to let from Kensington Mortgage? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?