Need Help?

Need professional advice for your consent to let with Principality Building Society? 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 Principality Building Society consent to lease

  • My plan is to move home. My question is whether consent to let will be granted on my house for me to then get a loan offer for the new house so I can effectively bid chain free and then rent my house out should I move. Does Principality Building Society grant consent to let for 12 months? Assuming the rental goes to plan is it possible for the consent to let period be extended?
  • My understanding is that this is a contravention of Principality Building Society terms and conditions of mortgage if I let out my flat having indicated that I intend to reside there. The aim is to have the mortgage fully paid off after four years, by which time the property will be unencumbered, meaning I no longer require any consent to let. Principality Building Society advised me I can overpay as much as I like during the lifetime of the mortgage. I know someone who wants to rent the property. What is the likelihood of Principality Building Society finding out? Can you set out consequences of not obtaining consent to let? From what I have read there is a possibility of Principality Building Society switching the loan onto a BTL mortgage
  • At the moment I am looking to buy my first property however, working as a freelancer. I I would like to find a lender that will permit short term letting with a residential mortgage so that I could lease out the property for no more than six months with long periods of absence without being compelled to a BTL product. Are you able to advise me on how lenders would perceive this and in particular the stance taken by Principality Building Society.
  • We have a standard variable mortgage with Principality Building Society that we are having difficulty gaining consent to let as a result of being in Hong Kong and renting out the apartment a few years ago without their approval which we did not know was required. We have a <45% LVR and made overpayments of £500pm for 6 years so we are not in arrears. We are willing to move onto a buy to let mortgage with them at a loaded rate however that has not been offered to us.
  • I have a mortgage with Principality Building Society on a three year fixed rate. I could have an opportunity for a teaching post abroad in twelve months time. Would I qualify for consent to let by Principality Building Society were I to accept this job overseas?
  • If I am tied into a fixed rate with Principality Building Society but am considering letting out my property, is there a fee for consent to let from Principality Building Society and does the interest rate alter?
  • I have Principality Building Society mortgage and am thinking of renting out the property. I am lead to believe that I would require consent to let to do this...is that right ?
  • What happens if a borrower has already let the property for a number of years as an HMO and now want to go legit with Principality Building Society by obtaining consent to let ? (work on the basis that Principality Building Society had already granted a standard mortgage on it some time ago)