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Need professional advice for your consent to let with First Trust Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: First Trust Bank consent to let
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Just wondered if First Trust Bank invoke a right to put a loading on my interest rate on a non-commercial mortgage that has just been approved for Consent to Let at any time, onto ‘rates equivalent to their Buy to Let products'?
- My brother intends to rent out his apartment out in the absence of consent to let from his mortgage provider First Trust Bank. He has been on an interest only mortgage for about 8 years now. Outstanding amount due is £110k, having paid for the flat for about £110k. If he lets the flat out privately, exactly what sanctions is he likely to face?
- I'm six months into a two year fixed mortgage with First Trust Bank. The LTV is just 35%. I've come across a really good deal on a one bed flat in Hillingdon which I would not want to miss. It seems the only way to purchase the other property is to take out some good chunk of equity. I'm thinking of letting the existing home which would adequately cover the mortgage with First Trust Bank. Can I get a consent to let from First Trust Bank and and then seek an equity release after it's rented?
- My husband and I plan to lease our current apartment out early next year when we move. I will apply for consent to let from First Trust Bank. As of now the apartment is in my name but I am a top rate tax payer. Is it best to do a equity transfer to her or should we do a Declaration of Trust?
- I have separated from my wife and we have moved back in with our respective parents and intend to divorce. What do I have to do to get First Trust Bank to give consent to let the property out to tenants?
- The prevailing mortgage is with First Trust Bank, but I am going to move out for approximately a year as we need to be closer to my partner's mum and dad. Will First Trust Bank grant consent to let?
- Should I decide to apply for consent to let from First Trust Bank how long will it take to hear back?
- My brother and I have a mortgage with First Trust Bank and would be thinking about buying another main residence and then subsequently leasing our current house out. Would I require consent to let from First Trust Bank?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above First Trust Bank 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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 First Trust Bank