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Need professional advice for your consent to let with Mortgage Express? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Mortgage Express (No 2) consent to let: Q and A’s
- I have a house in Islington but I am moving with my girlfriend to a different town for career reasons and moreover near her university. Im keen keep my property but not sure I can afford a BTL rate. It will only be temporary -three years until my girlfriend has finished University and I can sell, or move elsewhere. My mortgage is with Mortgage Express (No 2). Do you think they will grant consent to let?
- I am a FTB in the process of attempting to buy a flat. However I am potentially also going to be moving abroad within the next couple of years. I have mentioned 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 Mortgage Express (No 2). Once that's complete if it transpires that I need to move abroad he said can apply for a consent to let from Mortgage Express (No 2). 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?
- I would like to know what the policy is for Mortgage Express (No 2) for consent to let. I have come across differing suggestions in relation to fees and rates. I need to relocate for career reasons but can not sell the house due to a difficult market.
- I have been leasing my flat to a tenant for two years but not on a BTL mortgage because I thought that you only required a buy to let if you had more than one property. In trying to buy a further property, I discovered that I should have obtained consent to let at the outset from my lender Mortgage Express (No 2). I'm wondering whether I can now seek consent to let from Mortgage Express (No 2)?
- We are planning to relocate to Australia for a couple of years for my job but I don't want to convert the mortgage to BTL as the intention is to reoccupy it when I return. Do you know if Mortgage Express (No 2) charges additional interest? Is there any work around?
- I was just looking into consent to let as it's something potentially I would need from Mortgage Express (No 2) inside the next year. Our marital situation has changed, and I would like to let my home out
- Will Mortgage Express (No 2) choose to operate a right to convert the rates on a standard mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL range'? Can one refinance on a consent to let with Mortgage Express (No 2)?
- I am looking to get consent to let with my Mortgage Express (No 2) residential mortgage. It is a detached house. Do Mortgage Express (No 2) grant consent on this basis? Or would it be regarded as an HMO?
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General Advice to read in in addition to the above Mortgage Express (No 2) consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
If you do not keep up the payments on your mortgage with Mortgage Express (No 2) your property may be repossessed