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Need professional advice for your consent to let with The Mortgage Lender Limited? 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: The Mortgage Lender consent to let
- We have a fixed rate mortgage with The Mortgage Lender. This has been in place since 2007. We are thinking about renting out our property and renting in an area near our son's school until a suitable house becomes available to buy. Do The Mortgage Lender normally grant consent to let and do they up the mortgage rate?
- Me and my sister are currently eighteen months into a year fixed rate mortgage with The Mortgage Lender. We would like to purchase a larger second property in the next year however would like to keep the first house and I was enquiring as to what reason we could put down on the consent to let form to get their approval
- I have recently sought consent to let from The Mortgage Lender, but wondered if they impose any stipulations on the level of rental to be received?
- Where is the The Mortgage Lender consent to let application on this site I am unable to locate it on the web.
- I'm having to move to Kenya for eighteen months for my job but I don't want to convert the mortgage to BTL as the intention is to reoccupy it when I return. Do you know if The Mortgage Lender charges additional interest? Is there any way around this?
- My wife and I have already been told to write a letter to The Mortgage Lender to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- Are you aware of any discretion in the accepted equity ration before switching from an existing The Mortgage Lender mortgage to a consent to let?
- I am looking to get consent to let with my The Mortgage Lender residential mortgage. It is a mid terraced house. Do The Mortgage Lender grant consent on this basis? Or would it be regarded as an HMO?
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Caveats to be read in in addition to the above The Mortgage Lender consent to let Info
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation 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 taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with The Mortgage Lender your property may be repossessed