Need Help?
Need professional advice for your consent to let with Foundation Home Loans? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Foundation Home loans consent to let
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Will Foundation Home loans exercise a right to increase interest rates on a standard mortgage where the lender has granted Consent to Let at any time, onto ‘rates equivalent to their Buy to Let loans'?
- At the moment I am stuck in a tenancy agreement until May and am buying a flat. Would my lender Foundation Home loans object to granting consent to let until my tenancy finishes and then moving in?
- My friend is intent on letting his apartment out without consent to let via his mortgage lender Foundation Home loans. He has been on an interest only loan for about five years now. Currently owes £110k, having bought the apartment for around £125k. If he lets the apartment out privately, exactly what sanctions is he likely to face?
- We are currently in NYC and renting out our apartment in Bexley. This is not something we planned but an opportunity arose and we took it. The rent received on the apartment is not enough to cover the mortgage so we transfer funds each month to make up the difference. Anyway this morning our lender got in touch telling me that as the property is being let out and has been for nearly four years we will have to pay 1.5% interest in addition to our current mortgage rate. We could sell up but this will be difficult as I am so far away. Could we remortgage with Foundation Home loans and get consent to let?
- Can I remortgage to Foundation Home loans from my current provider, with a consent to let or do I need a let to buy loan, and if so what are the LTV's?
- I might be looking to lease out my property and wondered what I would need to do to negotiate consent to let from Foundation Home loans. I may be moving abroad for nine months.
- I recently completed on a garden flat in Hackney. I am first time buyer. I am moving Belfast next month, can I get consent to let from my lender Foundation Home loans or do need to wait for at least 6 months?
- About to remortgage my home but I will potentially moving out in the next year and would be looking to rent it out. Is it possible to get buy to let or consent to let from Foundation Home loans?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Foundation Home loans 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 Foundation Home loans 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 standard 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 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 breach of your covenants under the lease. This could potentially result in 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.
If you do not keep up the payments on your mortgage with Foundation Home loans your property may be repossessed