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Need professional advice for your consent to let with West Bromwich Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.

West Bromwich Building Society consent to let: Q and A’s

  • I have just been on the phone to West Bromwich Building Society and they tell me that it has come to their attention that I have been renting the studio flat even though it is on a normal mortgage. I had to move a couple of years ago for childcare reasons, couldn't sell and was left with little option but to let out the property. Do you know what the financial repercussions may be for me not seeking consent to let?
  • I want to explore if I can get consent to let on my existing property. I have a mortgage with West Bromwich Building Society but my circumstances have changed. I'm about to move in with my partner and son who have a house and more room than my small home. I am unlikely to qualify for a buy to let mortgage as I don't have the funds for a deposit nor do I earn more than £25000 per annum.
  • I have a West Bromwich Building Society mortgage and have been letting out the property without consent to let, which I am now led to believe means I am in contravention of my mortgage conditions. They may have suspicions that I am not living there. What negotiating options do I have if I fail to sell it before they are on notice that I am in contravention of my conditions?
  • We are in need of a bigger house so our children don't have to bunk together. We are planning to purchase another house next year. Our house was valued at £240,000 and we have about £55k remaining on the West Bromwich Building Society mortgage. We would prefer to keep this house as an investment property and lease it out with consent to let. Can you have a mortgage on two properties at the same time or do we need to fully pay off our current mortgage first?
  • If I am tied into a fixed rate with West Bromwich Building Society but am thinking of letting out my property, is there a charge for consent to let from West Bromwich Building Society and does the interest rate increase?
  • I want to take in in a lodger for my maisonette in Ealing which I live in. My mortgage is with West Bromwich Building Society. Will they grant consent to let?
  • Do you know whether West Bromwich Building Society will accept rental income on consent to let for affordability purposes or does it need to be BTL ? Would West Bromwich Building Society let me raise capital based on the rental income ?
  • Will I need consent to let from West Bromwich Building Society if I am planning to reside in the property myself for three months of the year? Furthermore if I gain consent to let for a period of time, say up to twelve months, what happens after that.