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Need professional advice for your consent to let with Santander? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Santander consent to lease
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Can you clarify if consent to let compulsory from Santander or can I lease out my new house without telling Santander and having to switch to a buy-to-let mortgage?
- My husband and I are applying for a home loan with Santander, but we are running up against a serious block. My husband is the deputy head in a boarding school, whereby living quarters is a benefit of the job. We wish to purchase a two bedroom ground floor purpose built maisonette to get on the ladder, and rent it out while we're based at the school. I had thought Santander would be willing to give consent to let from day one of the loan. It appears that I may not be granted consent to let. Do you have any advice?
- I previously took a mortgage with Santander and the loan to value is presently 60% with the Santander current book value and I'm looking to purchase a further property but do not want to sell my current property at the current market value. I have had CTL from an alternative mortgage provider on a previous property so know a bit about them and I also have buy to let with Mortgage Express on another property. Does the expected rental income on a consent to let with Santander need to be over and above the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 18 years so it was paid off as early as possible, obviously this leaves with quite a high monthly repayment.
- I am in the Royal Navy and intending to acquire a house with a Santander mortgage. I would like to get consent to let the house to my sister. In years to come I would live in the property myself when I leave the Royal Navy. Is this achievable?
- I own a house in Wandsworth. I would like remortgage with Santander and either change to buy to let or consent to let. I'm still within the Early Redemption Charge period so not sure if there such a thing as porting to some property?
- Me and my husband are considering applying to Santander to obtain consent to let our property, how long does it take between sending the forms to us finding a letting agent and listing our house for rent? and are there any other steps we will need to go through?
- We have a mortgage with Santander on our one bedroom second floor purpose built maisonette in Ealing. We are planning to buy a new house to move into. How do I switch my current mortgage on to consent to let?
- We would like to obtain consent to let on a house where we have a mortgage with Santander. If granted, how long would consent be given for? In asking for consent to let from Santander are we running the risk of them forcing us to change deal to BTL
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Santander 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 Santander 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
Should the tenure of your property be 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 conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Santander