Need Help?
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.
The Mortgage Works consent to let: Q and A’s
-
Doing everything by the book I’ve been leasing out my house with "consent to let" from The Mortgage Works on a regular mortgage for the last 24 months. The Mortgage Works have put forward an ultimatum withdrawing their consent to let if we do not switch to one of their "buy to let" mortgages.
-
I was thinking of renting out my cottage and make money from it while I am on vacation. It only a short term measure for four weeks. Will consent to let be needed from The Mortgage Works?
- I obtained consent to let from The Mortgage Works two yrs ago but never used it and subsequently refinanced with a new mortgage provider. I recently sought for consent to let. I was informed that it would be given since I met the criteria. However I received a letter informing me that I must supply evidence from the DWP confirming that that are aware of my current situation before they can provide authorisation. They said this is policy but I have not been able to find these T&Cs on their site. I did complain about the insinuation that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £25 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to discontinue claiming
- We I have a domestic mortgage with The Mortgage Works but I would like to occasionally let the property out on AirBnB....am I obliged to obtain consent to let from The Mortgage Works?
- I took a residential mortgage with The Mortgage Works - about 55% equity. I am considering relocating for another job and was enquiring if The Mortgage Works are flexible in changing the mortgage to allow for consent to let?
- I would like to purchase a new house but can't afford to sell my existing apartment with a The Mortgage Works mortgage. Do you know acceptable terms for The Mortgage Works to give consent to let? Is getting married and having children a sufficient reason to to ask for consent to let?
- My The Mortgage Works mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
- Will The Mortgage Works issue consent to let my home? I have an existing residential mortgage, never had arrears and have been with The Mortgage Works for about since 2009. What fees am I likely to face
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above The Mortgage Works 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may trigger your insurance becoming invalid. 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 lease may prohibit 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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