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Need professional advice for your consent to let with Monmouthshire Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.

Monmouthshire Building Society consent to let: Q and A’s

  • I am two years up in a 5 years fixed term mortgage and planning to take a job abroad so wish to let my home for 2 years. My loan to value is around sixty per cent. Can you tell me if Monmouthshire Building Society will load the interest rate for consent to let for the period of my letting?
  • I have a current mortgage contract with Monmouthshire Building Society and need clarify if it would be possible to seek consent to let out our three bedroom ground floor purpose built maisonette in Newham.

    The reasons(s) for wanting to find tenants for the property are as follows: -

    • Me and my wife will be moving to India in 3 months.
    • In renting out the property this will enable us to make some savings to assist with the migration process.
    • It would be pointless from a financial point of view to redeem the mortgage for a property which we are not residing in and by letting out the property this would be deemed as continuing investment.

    If Monmouthshire Building Society agreed that we are able to proceed with renting we would suggest some financial commitments which are as follows: -

    • Continue to pay the monthly mortgage payment directly from my current account.
    • Retain the services of an accredited letting agent who will provide a rent guarantee scheme as a further financial safeguard.
    • Supply our forwarding address for when we relocate.
  • Am I required to notify Monmouthshire Building Society of my intention to rent a caravan out on my property. Can you shed any light on this? I am seeking separate advice on the insurance, legal and tax side of things .
  • What is the maximum period of time permitted by Monmouthshire Building Society that I would be able to let my property without being required to transfer the mortgage or sell my property? Essentially, my boyfriend has asked me to move in with him and I really don't want to sell my house. I would like the fallback of knowing I still have my own home.
  • Is it the case that a previous extension to a mortgage term with Monmouthshire Building Society be held against us once we sought consent to let from Monmouthshire Building Society.
  • I am thinking of moving in with my fiance at his home and would like to rent out my property that I bought last summer, I'm just not sure of the process as my property is my first home. What do I need to do to get consent to let from Monmouthshire Building Society If I obtain consent will my mortgage payments go up?
  • Does my loan to value need to be at a certain level to allow me to apply for a consent to let from my mortgage lender Monmouthshire Building Society. Does it make a difference that I only took out the mortgage two months ago?
  • What are the changes that Monmouthshire Building Society force me into a consent to let product whilst in a fixed rate product for 2 years?