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Need professional advice for your consent to let with The Mortgage Works? 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 Works consent to let
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I plan to contact The Mortgage Works to obtain consent to let out my property in The Mortgage Works. However the property has been on with agents for 6 weeks but there are no takers and forking out for a full mortgage, council tax and insurance on unoccupied house is draining me financially. What approach would The Mortgage Workstake if I market the property?
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My better half and I intend to relocate to Floridain Month, perhaps for a little as 9 months but potentially longer term. We have just applied to The Mortgage Works for consent to let out my home in The Mortgage Works. The mortgage has been in place with The Mortgage Works for Six years and the account is up to date with no current arrears. The Mortgage Works say, that even if they consent to the letting, that this is a short term consent for a single year. And then what?
- I have a question concerning consent to let. I have a The Mortgage Works mortgage on my house (with fair amount of equity). We are planning to move out of London and if at all possible want to lease out our house with consent to let from The Mortgage Works and use the income from that to help get approval for a 2nd mortgage for a house to live in. What is the best way to fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- Yesterday got a decision in principle from The Mortgage Works for a freehold property. I have applied via a broker. It is a 20 year mortgage. I wonder what is the main criteria The Mortgage Works adopt in order to allow customers consent to let? Is consent to let based on the rental yield of a property?
- My husband and I are planning to relocate to Kenya for a couple of years for my job but I don't want to change my mortgage to BTL as I want to move back into it when I return. Do you know if The Mortgage Works charges additional interest? Is there any work around?
- I have a residential mortgage with The Mortgage Works - 28% equity or thereabouts. I am considering relocating due to a promotion and enquiring whether consent to let would be given so I could lease out the property?
- I have a standard mortgage with The Mortgage Works which is only 7 weeks long but I have been moved abroad with my job. How easy is it to get consent to let from The Mortgage Works for a mortgage that has only just started and I have just purchased the property?
- What happens if a borrower has already let the property for a number of years as an HMO and now wish to legalise the situation with The Mortgage Works by obtaining consent to let ? (work on the basis that The Mortgage Works had previously issued a residential mortgage previously)
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above The Mortgage Works consent to let Advice
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 The Mortgage Works 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 regular 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 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
Omitting 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 The Mortgage Works