Consent-to-let Help for Melton Mowbray Building Society

Melton Mowbray Building Society consent to let: Q and A’s

• I have a colleague who is talking about leasing their house out and moving in with partner. The property is in Westminster and has a £80k mortgage with Melton Mowbray Building Society. What would she need to do to get consent to let if she decides to move forward.
• We have just sorted our rates for another fixed five years with Melton Mowbray Building Society. Subsequently, I attended an interview and basically I accepted the job offer in Harrow. I'm going to rent a one bed flat for the family in Westminster as we don't wish to sell the house and moreover we might come back before two years.... We really don't know whether it will work out. We called Melton Mowbray Building Society but we would like also your take on the situation. Is it possible to receive consent to let in that case as we secured a fixed 5 years rate we really don't want to lose this rate.
• We have an existing mortgage with Melton Mowbray Building Society and need clarify if it would be possible to gain consent to let out our three bed flat in Hounslow.

  The purpose for needing to rent out the property are as follows: -

  • Me and my wife will be relocating to Hong Kong early next year.
  • By renting out the house this will enable us to make some savings to support the migration process.
  • There is little merit from a fiscal point of view to pay off the mortgage for a property which we are no longer residing in and by renting out the home this would be considered as an ongoing investment.

  If Melton Mowbray Building Society agreed that we are able to proceed with renting we would propose some financial assurances which are as follows: -

  • Continue to pay the monthly mortgage payment directly from my current account.
  • Instruct an approved letting agent who will provide a rent guarantee scheme as a further financial safeguard.
  • Supply our contact details for when we move.
• I intend to relocate to another property, I have been at my current house for fourteen months. Is there a minimum time to spend at a property before Melton Mowbray Building Society will give a consent to let?
• Wewould like to rent out the family home and purchase another. Can Melton Mowbray Building Society refuse to grant me consent to let?
• I took a standard mortgage with Melton Mowbray Building Society - about 40% equity. I am considering relocating due to a promotion and enquiring whether consent to let would be given so I could let out the property?
• Do you know whether Melton Mowbray Building Society will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would Melton Mowbray Building Society let me raise capital based on the rental income ?
• I hope you can help What do I need to do to get consent to let from Melton Mowbray Building Society? And what are the costs involved?