Need Help?
Need professional advice for your consent to let with TSB plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to TSB consent to let
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My wife and I have a TSB mortgage and are are up to date with payments, both employed etc. Do you know how much it will cost and if TSB are likely to give us consent to let without changing to a commercial rate?
- Me and my husband are presently eighteen months into a year fixed rate mortgage with TSB. Ideally we would like to buy a more substantial second property in the next few months however would prefer to retain the first house and I was enquiring as to what reason we could put down on the consent to let application to obtain consent to from TSB
- I had a chat with a IFA friend last week. She said that were I to decide to move abroad with my job for a period then I should not apply for consent to let from my mortgage provider (TSB) until at least four weeks before I plan to rent out my property. Am I to understand that I have to find a tenant first and then obtain a consent to let?
- Hi, I have consent to let my property with TSB and am now looking to give my tenant two months notice as I intend to find a buyer. I am worried about the property being unoccupied when the tenant goes and finding a purchaser. I have never defaulted on the account, is it likely that I would be able to take payment holidays until sold?
- I am looking for information on the requirements that TSB set for consent to let? Are you able to help?
- I am interested in understanding the TSB consent to let process and conditions for granting.
- Does my LTV need to be at a certain level to allow me to apply for a consent to let from my mortgage provider TSB. Will it make a difference that I only recently out the mortgage four months ago?
- Is consent to let a cheaper way of renting out your property? Isn't this a loophole for some people to exploit?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above TSB 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 TSB 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 terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with TSB your property may be repossessed