Need Help?
Need professional advice for your consent to let with New Life Mortgages Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
New Life Mortgages Consent to Lease Example Support Desk Enquires
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Just wondered if New Life Mortgages invoke a right to increase interest rates on a homeowner mortgage that has just been approved for Consent to Let at any time, onto ‘rates akin to their BTL products'?
- Do you know if it is likely that I will procure consent to let with residential loan with New Life Mortgages? My husband and I are intending to move to Greenwich to live nearer to our daughter’s college, but we are not yet sure whether the relocation will be for more than twelve months.
- Existing flat worth £97,000. New Life Mortgages mortgage owing £32k with 5 years left. Apply for consent to let via New Life Mortgages for current flat and utilise income to pay off what is left of the loan. Take out sixty % New Life Mortgages loan on new premises that becomes my main address? Can this be done?
- I would like to move and let out my maisonette in Camden. Having bought it in autumn 2007 and currently on a 85% ltv there is little equity in it. My mortgage is with New Life Mortgages. Do you know where New Life Mortgages stand when it comes to consent to let?
- Is it possible to refinance with New Life Mortgages with consent to let if my fixed rate is about to expire. Circumstances would not have changed.
- Will New Life Mortgages choose to operate a right to change the rates on a owner-occupier mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'? Is it possible to refinance on a consent to let with New Life Mortgages?
- Me and my partner took a mortgage with New Life Mortgages but am informed they have a stipulation that they will not issue consent to let the property to a local authority. Is this right and if so, is there a way round this?
- Would a prior extension to a mortgage term with New Life Mortgages be held against us once we applied to New Life Mortgages for consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above New Life 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
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 violation of the lease. This could potentially result in 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 record their consent in writing.
If you do not keep up the payments on your mortgage with New Life Mortgages your property may be repossessed