Need Help?

Need professional advice for your consent to let with Metro Bank plc? 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 Metro Bank consent to lease

  • I am a first time buyer in the process of trying to buy a flat. However there is a strong possibility that I will be moving abroad within the next couple of years. I have told this to my financial adviser who has informed me as long as nothing has been signed or confirmed you can go ahead and apply for a residential mortgage with Metro Bank. Once that's complete if it transpires that I need to move abroad he said can apply for a consent to let from Metro Bank. How would the property be treated for CGT purposes? From what I can tell there is some sort of tax relief if you have had to vacate your property to move abroad for work. is that right?
  • We have an existing mortgage with Metro Bank and wish to clarify if it would be possible to gain consent to let out our garden flat in Bexley.

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

    • My wife and I will be moving to Melbourne next spring.
    • In letting out the property this will facilitate savings to assist with the migration process.
    • It would be pointless from a financial perspective to discharge the mortgage for a property which we are no longer living and by renting out the property this would be considered as an ongoing investment.

    If Metro Bank agreed that we are able to proceed with renting we would propose some financial assurances to include: -

    • Continue to pay the monthly mortgage payment directly from my current account.
    • Use an accredited letting agent who will provide a rent guarantee scheme as a further financial safeguard.
    • Provide our forwarding address for when we move.
  • Our existing property in Hackney has nearly £80K equity with a mortgage with Metro Bank. It's a nice family house in a popular catchment and I think it would rent well. We are probably moving for my partner’s work and were considering holding onto the house on as a rental property - should we be swapping the mortgage to a B2L product or should we apply for consent to let by Metro Bank?
  • I'm nine months into a two year fixed mortgage with Metro Bank. The LTV is only 40%. I've got what I think is a really good deal on a three bed flat in Southwark which I don't want to miss. It seems the only way to purchase the other property is to release most of the remaining equity. I'm thinking of letting the existing home which would adequately cover the mortgage with Metro Bank. Is it possible to obtain consent to let from Metro Bank and ask for additional borrowing after it's rented?
  • Will Metro Bank want to know my reasons for applying for consent to let? Should I disclose my possible relocation overseas?
  • What is the process for getting a consent to let application form from Metro Bank and how quickly can I get the consent?
  • Are you able to clarify what the procedure would be if we purchased a second home and need to apply for consent to let for our existing mortgage with Metro Bank
  • Are you aware if there is normally a maximum LTV before Metro Bank will grant consent to let?