Need Help?
Need professional advice for your consent to let with MBS Lending Ltd? 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: MBS Lending Ltd consent to let
- We have a residential mortgage with MBS Lending Ltd. This has been in place for four years. We are intending on leasing out our house and renting in an area close to our son's school until we find the right property to buy. Do MBS Lending Ltd usually issue consent to let and if so, what are the financial implications?
- Two years ago I was granted consent to let from my existing lender which is about to come to an end. Since I took this out to travel and start a family. I'm not earning enough just now to pay the mortgage on my own. I have been told I can't extend my consent to let and if I continue renting out I will be in action would be taken for breaching my mortgage contract. As a result of my low income I it is likely that I will be refused to transfer to a BTL product. One option I am thinking about is remortgaging to MBS Lending Ltd. Are they likely to grant consent to let from day one?
- I took out a domestic mortgage with MBS Lending Ltd last September and then had to relocate due to my job, I am now looking to leasing my flat out for a year whilst I am abroad. What are my chances of obtaining consent to let from MBS Lending Ltd, and what effect would this have?
- My husband and I currently live in Melbourne and leasing out our apartment in the UK. This is not something we planned but an opportunity presented itself and we took it. The rent we make on the flat is not enough to cover the mortgage so we transfer money each month to make up the shortfall. Last week I got a letter in the post from our lender telling me that as the property is being let out and has been for almost two years we will have to pay 1.5% interest in addition to our current mortgage rate. One option would be to sell up but this will be far from easy as I am on the other side of the world. Would it be possible to remortgage with MBS Lending Ltd and get consent to let?
- Interested to know if I would be able to get consent to let from MBS Lending Ltd enabling me to move back in with my mother and father for a year or two and conserve some money to extend the lease on my property?
- I am trying to find out MBS Lending Ltd fees for conversion to consent to let from a fixed rate residential mortgage?
- There is a chance of me going to NYC for a year with work. Planning on taking the husband with me and hoping to rent our UK property in the meantime on a short term basis to make matters more cost effective. I was just enquiring where I can I get a consent to application form from
- We took out a mortgage with MBS Lending Ltd a few months ago and although it's only a possibility we may have to relocate around next Spring and would like to be able to rent our flat out. Would this be possible with a residential mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above MBS Lending Ltd consent to let Advice
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
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 terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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 MBS Lending Ltd