Consent-to-let Help for Allied Irish Bank (GB), a trading name of AIB Group (UK)

Common questions relating to Allied Irish Bank consent to lease

• My lender has placed me in a catch 22 with a Consent to Let mortgage. Having sought consent to let the bank has requested evidence of an executed AST before they will grant permission. If I get a signed tenancy agreement would I not be violating the lender’s terms and conditions?

• I have a current mortgage contract with Allied Irish Bank and need clarify if it would be possible to obtain consent to let out our ground floor flat in Hillingdon.

  The rationale for wanting to rent out the property are as follows: -

  • My wife and I will be relocating to Cape Town next spring.
  • In renting out the property this will facilitate savings to help the migration process.
  • There is little merit from a monetary perspective to pay outright for a property which we are not residing in and by letting out the property this would be considered as an ongoing investment.

  If Allied Irish Bank granted permission to us for renting we would suggest some financial commitments which are as follows: -

  • Continue to pay the monthly mortgage payment by direct debit.
  • Instruct an approved letting agent who will provide a rent guarantee scheme as a further financial safeguard.
  • Provide our forwarding address for when we move.
• I have an offer accepted to buy a property, we have a deposit of between 20-25% for a residential mortgage with Allied Irish Bank. The small problem is we are due to go overseas in three months for work. We are using a mortgage broker. He says if you tell this to the lender in advance you will need to get a buy to let. Do go ahead with residential mortgage with Allied Irish Bank, shortly thereafter seek consent to let? Otherwise, do we try and contact Allied Irish Bank at this point and say there is a chance we will move abroad in the future (I have not signed anything as yet to move abroad) and see if they confirm in advance that it should not be a problem
• I am may soon need to apply for consent to let from my existing mortgage provider Allied Irish Bank. A colleague of mine said that she was granted ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an assured shorthold tenancy. Can you explain what this is?
• My partner and I were curious as to whether it is possible if you own one property with consent to let from Allied Irish Bank, to purchase another with a residential mortgage to live in. Then once the consent runs out on the first property, to convert to buy to let or sell it?
• I am looking to get consent to let on my Islington flat from Allied Irish Bank. I will be leaving the UK for 10-12 months and so want to know if I am able to let my flat
• How much of my loan allowance will be made available to draw down on if I change my mortgage to a consent to let with Allied Irish Bank?
• I am currently in the process of getting a mortgage through Allied Irish Bank - I foresee that in the within months I may decide to rent the property out - how would I transfer the FTB mortgage to a buy to let mortgage?