Need Help?

Need professional advice for your consent to let with New Street Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.

Frequently asked questions relating to New Street Mortgages consent to lease

  • I am interested in understanding the conditions borrowers have to meet before consent to let from New Street Mortgages is given. Are there any restrictions on who can be issued with consent?
  • A year ago my lender (not New Street Mortgages) issued me with consent to let. The condition was that every 6 months they would add a charge of half a percent of the outstanding mortgage amount. Having the first couple of payments they have omitted to make the charge in recent months. This may be no more than a simple error but I am nervous that it would also mean I no longer have Consent to Let.
  • I have just received a mortgage offer with New Street Mortgages. I anticipate that I will complete in the next few weeks, however I may potentially be moved overseas for work. How feasible is it for me to receive consent to let from New Street Mortgages within a few months of completing. Do I have any other options?
  • We have an existing mortgage with New Street Mortgages and wish to clarify if it would be possible to obtain consent to let out our three bedroom first floor purpose built maisonette in Westminster.

    The purpose for needing to rent out the property are as follows: -

    • My wife and I will be moving to Melbourne in January.
    • By letting out the property this will enable us to make some savings to help the migration process.
    • There is little merit from a monetary point of view to discharge the mortgage for a property which we are not living and by leasing out the place this would be viewed as continuing investment.

    If New Street Mortgages agreed that we are able to proceed with renting we would suggest some financial assurances to include: -

    • Maintain paying the monthly mortgage payment by direct debit.
    • Instruct an accredited letting agent who will provide a rent guarantee scheme as a further financial protection.
    • Supply our forwarding details for when we move.
  • I was just curious as to whether New Street Mortgages would grant consent to let and what kind of fees, penalties and new rates etc
  • New Street Mortgages - consent to let potential. Can you advise on the process with this lender? Do they have a minimum period prior to changing to this and a minimum LTV?
  • Just looking for some advice. I currently have a mortgage in place with New Street Mortgages. I have been given licence to temporarily rent out my apartment from the managing agents and they asked for a copy of the consent to from New Street Mortgages.
  • Are you aware of any discretion in the accepted equity ration before switching from an existing New Street Mortgages mortgage to a consent to let?