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

Top Five Questions relating to Magellan Homeloans consent to lease

  • I have a standard mortgage over my residence in loc and am due to relocate to country for two years. During this time it would be ideal if I could let out my flat. My bank is withholding consent to let. I wish to avoid taking out a buy to let loan as it’s only for a limited time-frame that I am abroad for.

  • I previously took a mortgage with Magellan Homeloans and the LTV is presently 60% with the Magellan Homeloans current book value and I'm looking to buy a further property but do not want to sell my existing property at the current market value. I have had CTL from an alternative mortgage provider on a previous property so know a bit about them and I also have buy to let with Accord on another property. Does the expected rental income on a consent to let with Magellan Homeloans need to be over and above the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 18 years so it was paid off as early as possible, obviously this leaves with quite a high monthly cost.
  • If a property owner chooses to lease out their property without consent to let via Magellan Homeloans - what, if any implication could there be for an agent acting for the landlord?
  • My partner and I currently live in Dubai and renting out our apartment in Redbridge. This was unplanned but an opportunity came up and we took it. The rental income is not enough to cover the mortgage so we transfer money each month to make up the difference. Last week I got a letter in the post from our lender informing me that as the property is being let out and has been for nearly four years we will have to pay 1.5% interest on top of our current mortgage rate. We could sell up but this will be far from easy as I am so far away. Could we remortgage with Magellan Homeloans and get consent to let?
  • I was just curious as to whether Magellan Homeloans would issue me with consent to let and what kind of charges, penalties and new rates etc
  • I have separated from my ex and we have moved back in with our respective parents and intend to divorce. What do I have to do to get Magellan Homeloans to give consent to let the property out to tenants?
  • My mortgage is currently with Magellan Homeloans and am debating whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this time. What are my consent to let options currently?
  • I got a homeowner homeloan with Magellan Homeloans. I purchased the property in July this year. What are the options and criteria for consent to let.