Need Help?
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.
Top Five Questions relating to First Trust Bank consent to lease
- I found tenants for my apartment in the summer and didn't tell First Trust Bank. I have a three year residential mortgage (healthy equity in it, no arrears) and want to let First Trust Bank know and get consent to let for the final two years of my mortgage . Not sure what to do.
- I would like to let my maisonette out from the end of Nov this year as I will be travelling for a few months. I have a homeowner mortgage with First Trust Bank. I will not be letting for more than six months. Most likely it will be five months. It has been suggested that I get consent from my freeholder first? Please can you advise what I should be doing in what order?
- My husband and I just completed on a house in Manchester and will be moving to Amersham at the beginning of February. I have a letting agency and tenant lined up. I was proposing to keep quiet as I'm concerned First Trust Bank will say I have to change my mortgage rate over to a buy to let which is not financially viable. I appreciate that it would be preferable to secured a consent to let via First Trust Bank but am afraid if I show my hand it would result in no end of issues
- I have had a home loan with First Trust Bank for 1998. My divorce went through months ago put the property in my name by transfer of equity. My situation has changed, I want to keep my house but move in with my new partner, letting my house out. I have been told by my mortgage advisor that I can request consent to let from First Trust Bank instead of a BTL mortgage as I I did not buy the house with the intention of letting it out, is this correct?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a half year rule before consent to let - does this apply to all lenders. Is there any way First Trust Bank would allow it at the outset?
- Is it the case that a prior extension to a mortgage term with First Trust Bank be held against us once we sought consent to let from First Trust Bank.
- I would like details of how to go about obtaining consent to let from First Trust Bank and what, if any, cost I face.
- I might potentially need consent to let from First Trust Bank in the future with work. I am just looking to see what the options would be if this was the case. Are there any time restrictions on the length you can let out a property with consent?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above First Trust Bank consent to let Info
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 First Trust Bank 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 regular 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with First Trust Bank