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Need professional advice for your consent to let with Saffron Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Saffron Building Society consent to let
- I spoke to a IFA friend last recently. He said that if I decide to move abroad with my job for a period then I should not apply for consent to let from my mortgage provider (Saffron Building Society) until at least four weeks before I plan to rent out my property. Am I to understand that I have to find a tenant first and then obtain a consent to let?
- I previously got consent to let from Saffron Building Society three yrs ago but failed to need it and subsequently remortgaged to another lender. I recently asked for consent to let. I was informed that it would be given since I met the criteria. Yet recently got a letter advising me that I need to supply evidence from the DWP indicating that that are aware of my current situation before they can issue consent. They said this is policy but I have not been able to find these conditions on their site. I did complain about the inference that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £35 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to continue with them
- I need to see if I can get consent to let on my existing flat. I have a mortgage with Saffron Building Society but my situation has changed. I'm looking to move in with my partner and son who have a house and is larger than my 1 bed home. I am unlikely to qualify for a buy to let loan as I don't have the funds for a deposit nor do I earn in excess of £25000 a year.
- I am an existing Saffron Building Society mortgage client looking for consent to let on my present property. We would like to purchase near where we are based with the Royal Marines,... but we might have to move.
- It would be helpful to know if Saffron Building Society are likely to grant consent to let out our house in Camden
- I am deliberating a remortgage and also thinking of renting the property in the years to come - Is there a fee with Saffron Building Society to obtain a consent to let and what are the requirements?
- Will Saffron Building Society choose to operate a right to convert the rates on a standard mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL range'? Can one remortgage on a consent to let with Saffron Building Society?
- Please can you inform me how much the fees are and if Saffron Building Society usually issue consent to let without switching to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Saffron Building Society consent to let Questions and Answers
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 Saffron Building Society 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 standard 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 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 terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 Saffron Building Society your property may be repossessed