Need Help?
Need professional advice for your consent to let with MPowered Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to MPowered Mortgages consent to let
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We have a MPowered Mortgages mortgage and are are not in arrears, in gainful employment etc. Do you know how much it will cost and if MPowered Mortgages usually grant consent to let without transferring to a different deal?
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I am a FTB hoping to complete on a 2 bedroom house in MPowered Mortgages. I have a significant deposit will be getting a mortgage from MPowered Mortgages. My predicament is that my girlfriend owns a apartment in Dover and I can foresee myself moving in next year, when I would have to let out my property. I understand that consent to let is required but it does not sound like there is any certainty. Is there any advice you can impart?
- Me and my brother are joint proprietors of a small apartment in Haringey with a MPowered Mortgages mortgage. I am looking to move out and buy a house with my fiancee. How should I deal with finding a tenant for my room? Do I need consent to let by MPowered Mortgages. My brother will stay in the flat
- I am looking for our family to move to give us all more space. We are planning to purchase another house in a few years time. The house is worth £185k and we have about £85k left to pay on the MPowered Mortgages mortgage. We would prefer to keep this house if possible and let it out with consent to let. Can you have a mortgage on two properties at the same time or do we need to fully pay off our current mortgage first?
- My wife and I have a letter to MPowered Mortgages requesting consent to let signed and ready, but I'm not sure what address I should forward this to. Can you please help me with the address?
- If I were to apply for consent to let from MPowered Mortgages what is the time scale MPowered Mortgages would take to make a decision?
- I am considering moving in with my girlfriend but do not want to to sell my property. How do I go about requesting consent to let from MPowered Mortgages, and how likely is it that this will be given?
- Do you know whether MPowered Mortgages will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would MPowered Mortgages let me raise capital based on the rental income ?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above MPowered Mortgages consent to let information
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
If your property is 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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with MPowered Mortgages your property may be repossessed