Consent-to-let Help for Molo Finance Buy to Let Mortgages

Frequently asked questions relating to Molo Finance Buy to Let consent to lease

• We have an existing mortgage with Molo Finance Buy to Let and wish to clarify if it would be possible to obtain consent to let out our one bed flat in Camden.

  The purpose for wanting to rent out the property are are due to: -

  • Me and my wife will be moving to Melbourne next spring.
  • By letting out the house this will facilitate savings to support the migration process.
  • It would be pointless from a financial point of view to discharge the mortgage for a property which we are not living and by letting out the place this would be deemed as continuing investment.

  If Molo Finance Buy to Let agreed that we are able to proceed with renting we would suggest some financial commitments to include: -

  • Continue to pay the monthly mortgage payment directly from my bank account.
  • Retain the services of an accredited letting agent who will provide a rent guarantee scheme as a further financial protection.
  • Supply our forwarding address for when we relocate.
• I found tenants for my flat a year ago and didn't tell Molo Finance Buy to Let. I have a three year domestic mortgage (large amount of equity in it, never defaulted) and want to let Molo Finance Buy to Let know and get consent to let for the remaining 24 months of my mortgage . Not sure how to go about this.
• My house had been tenanted for three years from 2009-2012 while working abroad. I have a letter dated May 2010 from the mortgage company granting consent to let. In the letter it explicitly states that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was issued. 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 sufficient for the new lender Molo Finance Buy to Let for the house I wish to buy.Can this be right
• My fiance and I might have to rent out her flat, and I have a question regarding obtaining consent to do so. I know I need to inform Molo Finance Buy to Let and get a consent to let or change to a BTL mortgage. But the property is leasehold, so do we need consent to let from the freehold company?
• My mortgage company refuse to issue consent to let without a move in date confirmed with a tenant. How can I confirm this whilst lacking consent to let? I can't be certain but I vaguely recall my friend had a similar issue with Molo Finance Buy to Let.
• My existing mortgage is with Molo Finance Buy to Let, but I will soon to need move out for approximately 12 months as we need to be nearer to my wife’s parents. Will Molo Finance Buy to Let grant consent to let?
• I am hoping to fix my residential mortgage with Molo Finance Buy to Let but due to work related issues I will probably have to live abroad for few years. Will Molo Finance Buy to Let allow and give consent to let and there be any penalty
• Is consent to let required from Molo Finance Buy to Let if I am intending to reside in the house myself for part of the year? Furthermore if I obtain consent to let for a limited time, say up to twelve months, what happens thereafter.