Need Help?
Need professional advice for your consent to let with First Direct? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to First Direct consent to lease
- At present I have a domestic mortgage with First Direct. My company has offered me a property as part of my job and want to lease out my existing property. The mortgage broker has advised me it is a formality. Can you give me some information please?
- I have a house that's presently under shared ownership (My share is 50per cent) and I bought it in July 2013. I am currently going through the full purchase of the house. My partner and I have also got a further house that we are hoping to buy. Mortgage in principle has been issued by First Direct. I would like to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new home
- I have an existing First Direct mortgage on a house since 2000. I am now married and live in my husband’s home. My property is currently empty and we either need to sell or let it out. Obviously this will not be a short term agreement as the probability of moving back is low. What should I advise First Direct with a view to obtaining consent to let?
- I am looking for our family to move to give us all more space. We are thinking about buying another house in a few years time. The house was valued at £240,000 and we have about £55k remaining on the First Direct mortgage. We would ideally like to keep this house as an investment property and lease it out with consent to let. Is it possible to get a mortgage on two properties at the same time or do we need to fully pay off our current mortgage first?
- How much of my loan allowance will be made available to draw down on if I convert my mortgage to a consent to let with First Direct?
- Should I decide to apply for consent to let from First Direct how long will it take to hear back?
- I have a domestic mortgage with First Direct - 32% equity or thereabouts. I am considering relocating due to a promotion and enquiring whether consent to let would be granted so I could let out the property?
- Just looking for some advice. I already have a mortgage in place with First Direct. I have been given licence to sublet my GFF from the managing agents and they asked if I have consent to from First Direct.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above First Direct 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
One thing to remember when arranging a consent to let mortgage with First Direct 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
If your property is 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 terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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 Direct