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Need professional advice for your consent to let with Tesco Bank (a trading name of Tesco Personal Finance plc)? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.

Common questions relating to Tesco Bank consent to lease

  • I have had an existing homeloan with Tesco Bank coming up to 2 years and the fixed rate is due to come to an end. We are contemplating releasing equity out of our existing residence to allow us to acquire a more substantial house and then let out the current garden flat. We were originally informed that we ought to look for a new residential mortgage allowing for consent to let - can you explain what this is?
  • In what situations will consent to let for a property be granted from Tesco Bank? For what period of time do you have to have had the mortgage before consent to let can be negotiated with Tesco Bank? By way of background we are going abroad for 20 months with my husband's business and will need to rent our property. I would be looking at securing consent to let initially with a view to renting the property out to cover the expense of the Tesco Bank mortgage.
  • I have a three bed flat in Wandsworth let out which has a fifty year lease. Mortgage adviser suggested I should remortgage (currently with Tesco Bank) as a buy to let rather than consent to let and release 45-55k which on top of a new mortgage based on my income would give me a budget of £200k. Limited available in Croydon for me to buy my own property. A lease extension will be approximately 19k. Lease out with consent to let or sell the flat?
  • I was just looking for guidance on whether I will be allowed to convert a standard mortgage with Tesco Bank to a consent to let. It will be less than 65% ltv and it would alter from repayment to interest only?
  • If I let my property with consent to let from Tesco Bank will there be any rate uplift? I am currently on a standard variable rate.
  • Am I required to obtain consent to let if I let to a family member (in my situation my father now lives there and contributes towards the Tesco Bank mortgage)?
  • Will I need consent to let from Tesco Bank if I am planning to occupy the property myself for part of the year? In addition if I obtain consent to let for a limited time, say up to twelve months, what happens after that.
  • I would like to get consent to let from Tesco Bank for a few years at which point I hope to turn it into a BTL. Is this possible