Need Help?
Need professional advice for your consent to let with Pepper Homeloans? 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 Pepper Homeloans consent to lease
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I am a FTB looking to purchase a 2 bedroom house in Pepper Homeloans. I have a good size deposit will be getting a mortgage from Pepper Homeloans. My predicament is that my partner inherited a flat in Birmingham and I hope to be moving in next month, when I would want to let out my house. I understand that consent to let is required but it does not sound like there is any certainty. Can you offer any advice?
- How likely are Pepper Homeloans in granting Consent To Let on a garden flat? It is currently on the market and it has been for three months. I am keen to sell but I'm mindful that if there is no interest I will need to rent out the property in order to cover the monthly payments to Pepper Homeloans (I do not now reside at the address). I would prefer to come clean with Pepper Homeloans than not tell them but I am concerned as to how understanding they would be.
- I am three years up in my five year fixed rate mortgage and planning to take a job abroad so would like to rent out my property for two years. My equity is around seventy per cent. Can you tell me if Pepper Homeloans will load the interest rate for consent to let for the period of my letting?
- I am in the Royal Air Force and planning to acquire a property with a Pepper Homeloans mortgage. I would like to get consent to let the property to my mother and father in law. In years to come I plan to reside in the property with my wife and kids when my military career comes to an end. Is this possible?
- My lender wont issue consent to let until I have a move in date confirmed with a tenant. How can I confirm this without consent to let? I am not certain but I think my friend had a similar issue with Pepper Homeloans.
- Will Pepper Homeloans choose to operate a right to change the rates on a standard mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL range'? Is it possible to remortgage on a consent to let with Pepper Homeloans?
- I have fixed rate mortgage with Pepper Homeloans. I am going have to rent out my house due to necessity. Were I to seek consent to let, will I have to pay a lot more interest?
- We are looking in more information about consent to let from Pepper Homeloans. Would a valid reason be parking problems and the house is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Pepper Homeloans consent to let Info
Tax and Legal
There are numerous potential 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach 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 commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Pepper Homeloans your property may be repossessed