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
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I have a residential mortgage coming up for refinancing with Metro Bank. The house has been tenanted for a few years and I now realise that I need to notifyMetro Bank. My understanding is that I can ask for a consent to let, but since the property has already been let out could they refuse - require that I go onto a BTL product or even fine me? There is excellent equity - 30% LTV and have never missed any payments.
- My wife and I acquired a property in 2006 with the help of a housing association, I own half via bank loan and rent the other half. In January 2014 I purchased a new house. I rented out my first property and moved to my new home. I got consent to let from my mortgage company and I thought I had consent to let from the housing association. Earlier this week I was contacted by the housing association advising they had nothing on record to evidence I had obtained consent to sublet. What are my options?
- My mortgage is with Metro Bank and wonder if I am obliged to disclose if we no longer reside in my house. I fear that they may jack up the interest rate if we move and find a tenant but it's not very obvious what the increase would be. Should I decide to let my house out and seek consent to let how would the payments increase?
- I am may soon need to apply for consent to let from my current mortgage lender Metro Bank. A colleague of mine said that he was granted ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an assured shorthold tenancy. Can you explain what this is?
- I was just curious as to whether Metro Bank would give consent to let and what kind of charges, penalties and rate increase etc
- My partner and I are endeavouring to figure out which lenders are best for allowing consent-to-let without raising rates, and hopefully allowing more than two years if necessary. Is that something you can help with? We are particularly interested in Metro Bank
- I would like to let my house for a couple of years max. How do I go about getting consent to let from Metro Bank who I have a mortgage with?
- Are you aware of any leeway in the accepted equity amount before switching from a current Metro Bank mortgage to a consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Metro Bank consent to let Info
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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Metro Bank