Consent-to-let Help for Marsden Building Society

Sample questions relating to Marsden Building Society consent to let

• I will shortly be relocating to Australia. Rather than sell my house, I would like to lease it out, just in case things don’t go as expected. My existing mortgage is with Marsden Building Society. If I applied for a remortgage would a new lender see this as me trying to dodge a Buy To Let mortgage, of which there is very little availability for 80% LTV, and hence reject my request for Consent to Let?
• I have been foolish in not informing Marsden Building Society that I’m renting my garden flat out. My most recent tenants have left the place in a mess and I need to claim on malicious damage. I’m worried that my insurer will contact Marsden Building Society, and secondly if they do inform them, what are they likely to do given the absence of consent to let?
• We have an existing mortgage with Marsden Building Society and need clarify if it would be possible to obtain consent to let out our studio flat in Lambeth.

  The reasons(s) for wishing to find tenants for the property are are due to: -

  • My family and I will be moving to Melbourne in 3 months.
  • By renting out the house this will enable us to make some savings to assist with the migration process.
  • It would be pointless from a financial point of view to discharge the mortgage for a property which we are not residing in and by leasing out the home this would be considered as continuing investment.

  If Marsden Building Society agreed that we are able to proceed with renting we would suggest some financial commitments which are as follows: -

  • Continue to pay the monthly mortgage payment by direct debit.
  • Retain the services of an accredited letting agent who will provide a rent guarantee scheme as a further financial safeguard.
  • Provide our forwarding details for when we emigrate.
• I am looking for some precautionary insight as to whether consent to let is a sensible option. I bought my apartment 8 months ago by porting an existing Marsden Building Society mortgage product. My fixed rate ran out 4 months ago. I'm currently considering moving in with a new partner who has his own property and mortgage also with Marsden Building Society, 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 move 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 raise extra capital to satisfy the 65% LTV ratio required for a buy to let loan. Ideally I would like to receive consent to let from Marsden Building Society for 1-2 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, reoccupy it.
• Do I need to wait for consent to let to be issued on my prevailing residential mortgage with Marsden Building Society before applying for a resi mortgage on a new property?
• I am looking to get consent to let with my Marsden Building Society residential mortgage. It is a 3 bedroom house. Will Marsden Building Society grant consent on this basis? Or would it be regarded as an HMO?
• Do you have the address to which a Consent to Let request to be sent for Marsden Building Society? Sorry about bothering you with this query.
• My wife and I spoken to someone at Marsden Building Society about changing our existing homeloan to consent to let (the existing two year fix comes to an end in september 2016). Can I just confirm that I need to formally put the request in writing explaining our change in circumstance to Marsden Building Society? Where do I need to send the letter to?