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.
Sample questions relating to Paragon Mortgages consent to let
- In what situations will consent to let for a property be granted from Paragon Mortgages? How long do you have to have had the mortgage before consent to let can be granted by Paragon Mortgages? By way of background I am a young solicitor in a home bought five months ago. A dream job opportunity involving moving to a different city permanently has presented itself. I am interested in procuring consent to let in the first instance to be able to put a tenant in it to offset the costs of the Paragon Mortgages mortgage.
- I am currently choosing a mortgage as first time buyer and considering Paragon Mortgages with my broker. Suppose I choose a 5 year fixed rate I live at the property and after one year, an opportunity presents itself which involves a relocation requiring moving overseas. In the case Paragon Mortgages grants me consent to let,would the interest rate load the interest rate?
- A friend of mine recently asked for CTL from the Woolwich which they declined as the mortgage had not been in place for six months. I am about to seek consent to let from Paragon Mortgages. Do they adopt the same rule?
- I would like to be informed of what the criteria is for Paragon Mortgages for consent to let. I have heard contradictory suggestions in relation to charges and rates. I need to move area for career reasons but can not sell the property due to a depressed market.
- I’m about to finish the fixed rate period of my two year fix with Paragon Mortgages and change on to the current variable rate. Can you tell me whether consent to let by Paragon Mortgages is possible, if there are cost, and if there are time limits?
- Prospective tenants are about to move into my property and I have mortgage offer from Paragon Mortgages on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- Does my LTV need to be at a certain ratio to allow me to apply for a consent to let from my mortgage lender Paragon Mortgages. Will it make a difference that I only drew down on the mortgage four months ago?
- Please can you provide me with details of how to go about gaining consent to let from Paragon Mortgages and what, if any, cost I face.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental 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
If your property is 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 breach of the lease. This could trigger 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Paragon Mortgages your property may be repossessed