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Need professional advice for your consent to let with Clydesdale Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Clydesdale Bank consent to let: Q and A’s
- My partner and I are currently 1 year into a year fixed rate mortgage with Clydesdale Bank. We would like to purchase a bigger second property in the coming months however would like to retain the first property and I was enquiring as to what reason we could put down on the consent to let form to obtain consent to from Clydesdale Bank
- I was just seeking guidance on whether I will be allowed to convert a homeowner mortgage with Clydesdale Bank to a consent to let. It will be less than 70% loan to value and it would alter from repayment to interest only?
- My partner and I currently live in Hong Kong and renting out our apartment in Lambeth. This was unplanned but an opportunity arose and we took it. The rental income is insufficient to cover the mortgage so we transfer money each month to cover the difference. Last week I got a letter in the post from our lender telling me that because the property is being let out and has been for almost three years we will have to pay 1.5% interest on top of our current mortgage rate. We could sell up but this will not be easy as I am on the other side of the world. Could we remortgage with Clydesdale Bank and get consent to let?
- I have a three year fixed rate mortgage with Clydesdale Bank which began in November. I will be moving out in August and have people ready to let my flat. I need to get a letter from Clydesdale Bank granting consent to let until my term is up to allow me time to move onto a BTL. What is the process for going about this?
- I have a mortgage with Clydesdale Bank at the moment and just enquiring whether Clydesdale Bank currently allows consent to let
- I took a mortgage with Clydesdale Bank but am informed they have a policy that they refuse to give consent to let the property to a local authority. Is this true and if so, is there a way round this?
- I am currently remortgaging and investigating the flexibility of certain mortgage providers when it comes to consent to let. Clydesdale Bank is one of the mortgage companies I am thinking of going with. How accommodating are they are far as consent to let is concerned?
- What, if any, income requirements do Clydesdale Bank set for consent to let on an existing domestic mortgage?
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Important warnings to consider in supporting the above Clydesdale Bank consent to let Advice
Tax and Legal
There are numerous potential 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 inform them could trigger your insurance becoming null and void. 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Clydesdale Bank your property may be repossessed