Consent-to-let Help for Better HomeOwnership (Mortgages)

Common questions relating to Better HomeOwnership consent to lease

• I have had a current homeloan with Better HomeOwnership for almost 2 years and the fixed rate is soon to be renegotiated. We are looking at extracting equity out of our existing residence to allow us to buy a new larger home and then rent out the existing three bedroom ground floor purpose built flat. We have had initial advice that we ought to get a new residential mortgage with a consent to let - what does this mean?
• I have a current mortgage contract with Better HomeOwnership and wish to clarify if it would be possible to gain consent to let out our one bedroom apartment in Lewisham.

  The purpose for wishing to let out the property are are due to: -

  • My family and I will be migrating to India early next year.
  • In renting out the house this will enable us to make some savings to help the migration process.
  • There is little merit from a fiscal point of view to discharge the mortgage for a property which we are no longer residing in and by renting out the place this would be considered as continuing investment.

  If Better HomeOwnership agreed that we are able to proceed with renting we would suggest some financial assurances which are as follows: -

  • Maintain paying the monthly mortgage payment directly from my bank account.
  • Instruct an approved letting agent who will provide a rent guarantee scheme as a further financial safeguard.
  • Provide our forwarding details for when we move.
• Your view would be appreciated as to whether consent to let from Better HomeOwnership is the correct approach. I purchased my house last March by porting an existing Better HomeOwnership mortgage product. My fixed term expired five months ago I'm currently considering moving in with a new partner. I would prefer not to sell my property yet as I have no idea as to whether the new move will work out. I just wanted an idea of whether a consent to let from Better HomeOwnership would be possible?
• I am planning to apply for consent to let from my existing mortgage lender Better HomeOwnership. A friend of mine said that she was granted ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an AST. Can you explain what this is?
• We are close to purchasing a flat and plan to live in it once we have renovated but we may need to let the property out but not sure what the rules are on consent to let from Better HomeOwnership? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
• Me and my brother have had my home loan with Better HomeOwnership for eight years with no arrear If I asked for consent to let would I get a positive reply?
• Just wanted to know what needs to be provided to Better HomeOwnership in order to get consent to let? I just finished a three year fixed mortgage and thinking of moving to another flat with my wife.
• I recently bought a house with 10% deposit for personal reasons. A mortgage was taken with Better HomeOwnership. However my circumstances have now changed. I am being transferred abroad. Am I able to get consent to let from Better HomeOwnership and put the house up for rent?