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Need professional advice for your consent to let with ASTRA mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
ASTRA mortgages consent to let: Q and A’s
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Doing everything by the book I’ve been leasing out my house with "consent to let" from ASTRA mortgages on a residential mortgage for the last three years. ASTRA mortgages have just written withdrawing their consent to let unless we switch to one of their "buy to let" mortgages.
- My fixed deal expires June 2017 and I wish to fix for another 4 years with ASTRA mortgages, with any luck rates will still be low. In two years time I might want to move temporarily to a different county. How difficult is it to get consent to let from ASTRA mortgages in these circumstances? I would be returning at the end of the two years to live in my property.
- How much does it cost to receive consent to let by ASTRA mortgages and is there a minimum period of time I should have resided in the property?
- I have found myself in the accidental landlord situation and without consent to let from ASTRA mortgages. I had to leave my flat for family reasons, so now live in another part of the country. I originally tried to sell the flat, but prices were depressed, resulting in negative equity. This was a couple of years ago in 2011, the value has increased and has allowed me time to accumulate savings. I am in now in a position where I could switch to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert ASTRA mortgages that I have been letting without consent to let? I am aware that I shouldn’t have done what I did, but circumstances left me with limited options. Any help will be greatly appreciated?
- This is not a question specific to ASTRA mortgages but do mortgage companies usually provide the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- I’m about to finish the fixed rate period of my 2 year fix with ASTRA mortgages and move on to the standard variable rate. Can you tell me whether consent to let from ASTRA mortgages is likely, if there are charges, and if there are time limits?
- I'm thinking about letting my property on a homeowner mortgage with ASTRA mortgages what is the procedure for getting consent to let?
- My partner and I are looking at new mortgages and also thinking of renting the property in the years to come - Is there a charge with ASTRA mortgages to get consent to let and what are the requirements?
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Important warnings to consider in supporting the above ASTRA mortgages consent to let information
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 ASTRA mortgages 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with ASTRA mortgages