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.
Examples of recent questions relating to Paragon Mortgages consent to let
- Me and my fiance and I I have a domestic mortgage with Paragon Mortgages but I would like to occasionally take in lodgers....am I obliged to obtain consent to let from Paragon Mortgages?
- I previously took a mortgage with Paragon Mortgages and the LTV is presently 45% with the Paragon Mortgages current book value and would like to purchase another property but would like to keep my existing property at the current market value. I have consent to let from NRAM on a previous property so know a bit about them and I also have buy to let with Accord on another property. Does the expected rental income on a consent to let with Paragon Mortgages need to be over and above the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 18 years so it was paid off as early as possible, obviously this leaves with quite a high monthly repayment.
- I'm twelve months into a two year fixed mortgage with Paragon Mortgages. The LTV is just 40%. I've identified a really good deal on a one bedroom apartment in Camden which I don't want to miss. It appears that the only way to purchase the other property is to take out some good chunk of equity. I'm thinking of letting the current property which would adequately cover the mortgage with Paragon Mortgages. Can I get a consent to let from Paragon Mortgages and ask for additional borrowing after it's let out?
- Me and my husband are in a tricky mortgage scenario currently. We have to let our house with consent to let and move to a new to be nearer to our daughter’s college. We are about to rent a property. We are finding it really difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- Just enquiring if it's possible if you own one property with consent to let from Paragon Mortgages, to buy a second with a domestic mortgage to live in. Then once the consent expires on the first property, to change to buy to let or sell it?
- When it comes to consent to let from Paragon Mortgages am I supposed to tell them each time we get a new tenant and forward them a copy of the lease document?
- Do I require consent to let if I rent to a family member (in my situation my father now lives there and contributes towards the Paragon Mortgages mortgage)?
- I have a normal mortgage with Paragon Mortgages which is only seven weeks in but I have been relocated with my job. Is it possible to obtain consent to let from Paragon Mortgages for a mortgage that has only recently commenced and I have just purchased the property?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Paragon 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
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 provisions in the lease may prevent 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 Paragon Mortgages your property may be repossessed