Consent-to-let Help for Principality Building Society

Questions and Answers: Principality Building Society consent to let

• My friend is intent on letting his apartment out on the QT without consent to let via his mortgage provider Principality Building Society. He has been on an interest only loan since 2010. Outstanding amount due is £99k, having bought the apartment for about £118k. In the absence of obtaining consent to let from Principality Building Society, exactly what sanctions does he risk?
• I have been offered a once in a lifetime job opportunity for 9 months in Denmark. I have enough cash reserves to meet the monthly Principality Building Society mortgage however the block insurance stipulates continuous residency in order not to be invalidated. Last December the roof had some leaks that were repaired. If there happened to be any problems during the winter months I would find it hard to afford repair costs. How likely is it that I will get consent to let via Principality Building Society for the time I am overseas?
• My house had been tenanted for three years from 2010-2013 while employed abroad. I have a letter dated March 2010 from my building society granting consent to let. In the letter it explicitly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was sent. I now plan to move house and rent out my existing house. However, my mortgage advisor has suggested that the 2010 consent to let letter may not satisfy the new lender Principality Building Society for the house I intend to purchase.Your view would be appreciated
• Is it correct that mortgage providers (I have a mortgage with Principality Building Society) are adopting a more accommodating approach towards consent to let? A broker recently informed me that BTL mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I switch from a homeowner to a Buy to let I am moving to a regulated product. He suggested that under the current regulation lenders are reluctant to allow borrowers do this, which is likely why some mortgage companies will let customers obtain consent to let but not swap to a BTL product. Is this plausible?
• Me and my husband want to let our house out and use the rental income to cover the rent on a house in Tower Hamlets. What are the chances of being given consent to let by Principality Building Society without being forced into a new rate.
• I currently have my mortgage with Principality Building Society and have been for the previous twenty months and I am interested in finding out some more information about the possibility of obtaining 'consent to let’.
• Am I required to negotiate consent to let if I rent to a family member (in my case my Dad now lives there and contributes towards the Principality Building Society mortgage)?
• I am looking to get consent to let with my Principality Building Society residential mortgage. It is a 3 bedroom house. Will Principality Building Society grant consent on this basis? Or would it be regarded as an HMO?