Need Help?

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

  • Exciting times as my partner and I will move back to New Zealandin Month, initially temporarily but potentially longer term. We have just applied to Scottish Building Society for consent to let out the property (we have already found tenants). I have had a mortgage with Scottish Building Society for 9 years and no payments have ever been missed. Scottish Building Society say, that even if they consent to the letting, that this will be limited consent for 12 months. What happens after one year?

  • I wish to rent out my current residence as I wish to acquire a bigger house for the family. I have a two year fixed mortgage with Scottish Building Society. On the basis I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I refinance after two years with an alternative lender? What implications does that have aside from the higher rates - would I need a greater equity portion in the property too ie lower ltv?
  • I have a current mortgage contract with Scottish Building Society and need clarify if it would be possible to gain consent to let out our one bedroom apartment in Havering.

    The purpose for needing to rent out the property are as follows: -

    • My wife and I will be migrating to India next spring.
    • By renting out the house this will enable us to make some savings to assist with the migration process.
    • It would be pointless from a financial point of view to pay outright for a property which we are no longer residing in and by leasing out the home this would be viewed as continuing investment.

    If Scottish Building Society agreed that we are able to proceed with renting we would suggest some financial commitments to include: -

    • Maintain paying the monthly mortgage payment by standing order.
    • Retain the services of an approved letting agent who will provide a rent guarantee scheme as a further financial protection.
    • Supply our forwarding details for when we relocate.
  • My wife and I plan to rent our existing apartment out shortly after we move. I will apply for consent to let from Scottish Building Society. The apartment is currently in my name but I am a higher rate tax payer. Do I need to do a Transfer of Equity to her or can I do a Declaration of Trust?
  • I have split up with my wife and we have each moved into our parents house and intend to divorce. What do I have to do to get Scottish Building Society to give consent to let the property out to students?
  • Afternoon? I am just curious whether Scottish Building Society offer consent to let as an option if I decided to let out my home under a residential mortgage. Is there a specific rule for right to buy property and consent to let?
  • Is it the case that a prior extension to a mortgage term with Scottish Building Society be held against us when we applied to Scottish Building Society for consent to let.
  • Is there a set or maximum term how long I could rent my home out to a family member with consent to let from Scottish Building Society. I no longer want to live in the area and want to buy a new home?