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Need professional advice for your consent to let with Masthaven Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Masthaven Bank consent to let
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I rent out my property in Sutton. I didn't get consent to let. I moved to Ashford for work relocation purposes and couldn't do a commute but was worried that Masthaven Bank would charge me a small fortune so I decided to take the risk. I'm hoping to legitimise it now... basically continue leasing it but with consent. What are my next steps?
- My wife and I reside in a property where we have some spare bedrooms. We are looking into the idea of running an AirBnB type business to let half the property out on a check-in and check-out arrangement. Is this is likely to be permitted in accordance with Masthaven Bank’s standard 'consent to let' process?
- Earlier this year I rented out my ground floor flat having obtained Consent to Let with my MP. 6 months have now gone by and they have loaded my repayment percentage as previously advised. I am unwilling to swap to a more favourable product with them, as they will withdraw my consent to let. Were I to go with an alternative provider for example Masthaven Bank, would I be required to apply for a BTL mortgage or could I simply refinance and ask for further consent to let?
- My house had been tenanted for three years from 2010-2013 while living Amsterdam. I have a letter dated June 2010 from the building society granting consent to let. In the letter it explicitly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was sent. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not be acceptable to the new lender Masthaven Bank for the house I wish to purchase.Your view would be appreciated
- Will Masthaven Bank want to know my reasons for seeking consent to let? Is it wise to inform them of my potential relocation abroad?
- I would like to know if I have a residential mortgage with Masthaven Bank and decide to lease it out, does the rate increase and are there any additional charges for obtaining consent to let.
- Me and my fiance and I have a mortgage with Masthaven Bank on our three bedroom ground floor purpose built maisonette in Redbridge. We are planning to buy a new house and move in there. How do I switch my current mortgage on to consent to let?
- About to remortgage my house but I will potentially moving out in the near future and would be looking to rent it out. Do Masthaven Bank give a consent to let letter?
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Caveats to be read in in addition to the above Masthaven Bank consent to let Questions and Answers
Tax and Legal
There are numerous potential 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
One thing to remember when arranging a consent to let mortgage with Masthaven Bank is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Masthaven Bank