Consent-to-let Help for MPowered Mortgages

Top Five Questions relating to MPowered Mortgages consent to lease

• I obtained consent to let from MPowered Mortgages three yrs ago but never used it and have since refinanced with a new bank. I recently sought for consent to let. I was informed that it would be forthcoming since I met the criteria. However I got a communication informing me that I must provide a letter from the DWP confirming that that are aware of my current situation before they can issue consent. They said this is policy but I have not been able to find these T&Cs on their site. I did complain about the inference that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £35 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to continue with them
• Having spent fifteen years in the capital, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to refinance with MPowered Mortgages. In Tower Hamlets, we are be looking at a 4 bedroom property around the £350k mark. Ideally, we would like to retain my existing property. Could I ask for Consent to Let from the proposed new lender MPowered Mortgages. If granted what are the likely conditions?
• I have a current mortgage contract with MPowered Mortgages and wish to clarify if it would be possible to obtain consent to let out our three bed flat in Wandsworth.

  The rationale for wanting to find tenants for the property are as follows: -

  • Me and my wife will be moving to India early next year.
  • In letting out the house this will facilitate savings to assist with the migration process.
  • It would be pointless from a fiscal perspective to pay outright for a property which we are not living and by leasing out the property this would be viewed as an ongoing investment.

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

  • Maintain paying the monthly mortgage payment directly from my current account.
  • Use an approved letting agent who will provide a rent guarantee scheme as a further financial safeguard.
  • Provide our contact details for when we emigrate.
• I am currently looking to buy my first home however, I am self employed. I want to chose a mortgage provider that allows short term letting with a homeowner mortgage so that I could lease out the property temporarily with long periods of absence without being compelled to a BTL product. Can you let me know how lenders would perceive this and specifically the approach taken by MPowered Mortgages.
• I want to fill a consent to let form for permission to rent from MPowered Mortgages, where do I get it from?
• Do you know if MPowered Mortgages would have an internal record as to whether consent to let was granted for a specific property?
• I currently have a residential mortgage with MPowered Mortgages and plan on letting due to work being based in London. In seeking consent to let from MPowered Mortgages do I run the risk of them forcing me to change deal to buy to let
• Does my loan to value need to be at a certain ratio to allow me to apply for a consent to let from my mortgage lender MPowered Mortgages. Will any consideration be given to the fact that I only drew down on the mortgage four months ago?