Need Help?
Need professional advice for your consent to let with Paragon Mortgages Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Paragon Mortgages consent to let: Q and A’s
- I will shortly be moving to Hong Kong. As opposed to sell my house, I would like to lease it out, just in case things don’t go as expected. My current mortgage is with Paragon Mortgages. If I applied for a remortgage would a new provider see this as me looking to dodge a Buy To Let mortgage, of which there is very little availability for 80% LTV, and therefore refuse my request for Consent to Let?
- My current mortgage provider is Paragon Mortgages. Can you point me to where I can download the consent to let submission forms from, as we have commenced leasing out the house?
- I have been a mortgage customer with Paragon Mortgages for twelve years. My divorce was finalised three years ago and bought the ex wife out. My circumstances have changed, I would like to keep my house but move in with my new partner, leasing my house out. It has been suggested by my IFA that I can ask for a consent to let from Paragon Mortgages instead of a BTL mortgage as I haven't purchased the house with the intention of letting it out, advice please?
- I have a garden flat in Haringey which I bought six years ago and which I have since remortgaged with Paragon Mortgages on a fixed rate which ends next February. If I want to let out the property whilst I go travelling what do I need to do and is there a time limit? Are there any other financial repercussions when applying for consent to let?
- If we ask for a consent to let letter by Paragon Mortgages will we be forced to convert to buy to let mortgage? We are with Paragon Mortgages and as houses are not selling at the mo but we have seen one we like we were leasing our home out in order to buy the new and dispose of this one when the market picks up.
- I have split up with my wife and we have each moved into our parents house and intend to divorce. What do I have to do to get Paragon Mortgages to give consent to let our house out to students?
- My wife and I want to let our house out and use the rental income to cover the rent on a house in Croydon. What are the chances of being given consent to let by Paragon Mortgages without being forced onto a BTL product.
- I have had my mortgage with Paragon Mortgages since 2004 and always made payments If I asked for consent to let would it be given?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Paragon Mortgages consent to let Advice
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
One thing to remember when arranging a consent to let mortgage with Paragon Mortgages is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
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 conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Paragon Mortgages your property may be repossessed