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Need professional advice for your consent to let with Mansfield Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Mansfield Building Society consent to let: Q and A’s
- I bought a house a couple of years ago in Leeds when I worked locally. I got a promotion which involved working in Luton. I travel down on Saturday afternoon and live with a family member mid week. I decided onmoving home to avoid the commute. I am deliberating the possibility of renting out my existing home. My mortgage is with Mansfield Building Society, would I have to change my mortgage deal or do I apply for consent to let?
- I currently have a mortgage offer with Mansfield Building Society. I am hoping to get keys in the coming weeks, however I may potentially be posted overseas for work. How likely is it for me to receive consent to let from Mansfield Building Society within a few months of drawing down on the mortgage. Are there any other options open to me?
- As a result of changes in my personal circumstances I am planning to move in with my girlfriend next summer and I have let my property out to two students on a twelve month AST. The application for consent to let from Mansfield Building Society is in hand but what if they decline. I can’t rescind on my contract in terms of not renting the students as the paperwork is finalised. On the flip-side Mansfield Building Society could sue me for breach of mortgage condition i.e. renting it out in the absence of consent to let.
- Is it correct that mortgage companies (my home loan is with Mansfield Building Society) have changed tune and are now taking a more relaxed approach towards consent to let? A mortgage adviser recently informed me that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I transfer from a owner-occupier to a BTL I am moving to a regulated product. His belief was that under the current regulation lenders are wary of letting customers do this, which is likely why some banks will permit borrowers have consent to let but not move to a BTL product. Is this an accurate assessment?
- My existing mortgage is with Mansfield Building Society, but I am going to need to get consent to let for around 12 months as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to just chill out a little for twelve months (by living near her mother and stepfather and getting support) in a greener more relaxed part of Manchester.
- Can I remortgage to Mansfield Building Society from my existing provider, with a consent to let or do I need a let to buy homeloan, and if so what are the LTV's?
- I am hoping to fix my residential mortgage with Mansfield Building Society but as a result of my job I might have to go abroad for a couple of years. Will Mansfield Building Society allow and grant consent to let and there be any penalty
- I am intending on moving inside the next six months and would like to lease my house out. My interest rate is fixed with Mansfield Building Society. I am worried a rate hike would be too much if that was a condition of receiving consent to let
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Mansfield Building Society consent to let Advice
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 Mansfield Building Society 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Mansfield Building Society your property may be repossessed