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Need professional advice for your consent to let with Ecology Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.

Ecology Building Society consent to let: Q and A’s

  • We are a young couple and we have identified a house in Islington that we like and want to take out a mortgage with Ecology Building Society. The issue is that I am pregnant and might give birth very soon as I am on the last few weeks of pregnancy. This wouldn't make it impossible for us to move right away so we are considering living with my mum and dad for the next few months. Meanwhile, if we buy this property, we can lease it out. I was just wondering how will that work out? Will we be liable to be given consent to let from Ecology Building Society
  • I have a ground floor flat but I am hardly there, exploring the option of renting it out. My mortgage is with Ecology Building Society, would I have to change my mortgage deal or should I try to get consent to let?
  • My partner and I are are looking to join the property ladder, presently renting. We would ideally like to buy a ground floor flat in Islington. We want to move there, but will need to wait for a job - perhaps a couple of years. Do we have to seek a B2L mortgage? Would it be possible to have a normal mortgage with Ecology Building Society, even though we won't be moving in straight away? Or could we reside there for half a year, then start renting it with consent to let from Ecology Building Society? I'm only willing to consider options that are fully legitimate, and have no intention of contravening the provisions of the mortgage with Ecology Building Society.
  • Is it possible that lenders (I have a mortgage with Ecology Building Society) have changed tune and are now adopting a more accommodating approach towards consent to let? A mortgage adviser recently told me that BTL mortgages are not regulated by the FCA whereas residential mortgages are. So if I transfer from a standard to a Buy to let I am moving to a regulated product. His belief was that under the current regulation lenders are wary of letting customers do this, which may explain why some mortgage companies will allow borrowers have consent to let but not transfer to a Buy to let mortgage. Is this plausible?
  • I am looking to Ecology Building Society to grant consent to let out my studio flat in Ealing. I am moving to Germany for 8 months on a secondment.
  • I am thinking about moving in with my partner but do not want to to sell my flat. What is the process for requesting consent to let from Ecology Building Society, and how likely is it that this will be obtained?
  • I have had my mortgage with Ecology Building Society for the previous eighteen months and I am at present just wanting clarification as to whether gaining a consent to let is likely.
  • Is there a fixed or maximum term how long I could rent my home out to a family member with consent to let from Ecology Building Society. I no longer want to live in the area and want to buy a new home?