Consent-to-let Help for Newbury Mortgage Services Ltd

Top Five Questions relating to Newbury Mortgage Services consent to lease

• I am a first time buyer hoping to complete on a 2 bedroom house in Newbury Mortgage Services. I have a 40% deposit and expect a mortgage from Newbury Mortgage Services. My predicament is that my fiancee owns a flat in Dover and I can foresee myself moving in next year, at which point I would want to let out my property. I I know that consent to let is needed but it does not sound like there is any certainty. Can you offer any advice?

• We have an existing mortgage with Newbury Mortgage Services and wish to clarify if it would be possible to seek consent to let out our garden flat in Greenwich.

  The purpose for wishing to lease out the property are are due to: -

  • My wife and I will be migrating to Melbourne in January.
  • By letting out the house this will facilitate savings to support the migration process.
  • There is little merit from a financial perspective to pay outright for a property which we are no longer living and by letting out the home this would be deemed as an ongoing investment.

  If Newbury Mortgage Services agreed that we are able to proceed with renting we would propose some financial commitments to include: -

  • Continue to pay the monthly mortgage payment by standing order.
  • Use an approved letting agent who will provide a rent guarantee scheme as a further financial safeguard.
  • Provide our forwarding details for when we relocate.
• Meeting with my IFA on Friday. I am going to apply for Consent to Let from my current lender Newbury Mortgage Services. My new property in Lewisham will be 90% loan to value. I have been told by a friend that some lenders turn away consent to let borrowers and I may encounter difficulties regarding my new mortgage. Am I likely to encounter this problem?
• Last week I got a decision in principle from Newbury Mortgage Services for a three bedroom house. I have applied through Right to Buy. It is a 20 year mortgage. I am curious as to what is the main criteria Newbury Mortgage Services adopt in order to allow customers consent to let? Is consent to let based on the rental amount for a property?
• I would like to let out the attic in my apartment in Barnet. Do I need consent to let from my mortgage provider Newbury Mortgage Services?
• Will Newbury Mortgage Services choose to exercise a right to change the rates on a standard mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'? Can one refinance on a consent to let with Newbury Mortgage Services?
• Is it possible to negotiate a consent to let from Newbury Mortgage Services if I have an existing mortgage which has been in place for twelve years?
• My husband and I are considering applying to Newbury Mortgage Services to obtain consent to let our home, how long does it take between submitting the application to us finding a letting agent and listing our house for rent? and are there any other steps we will need to take?