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Need professional advice for your consent to let with MPowered Mortgages? 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 MPowered Mortgages consent to lease
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I acquired a house in 2013 for 155,000 with MPowered Mortgages. I got married to someone in the forces so moved in to married quarters in Cyprus and realise that I need to request consent to let from MPowered Mortgages. Do you have any experience of consent to let from MPowered Mortgages?
- I am 2 years up in my 5 years fixed term mortgage and intend to take an overseas job so would like to rent out my property for 2 years. My L2V is in the region of seventy per cent. My query is whether MPowered Mortgages will charge me more interest for consent to let for the period of my letting?
- I have had a home loan with MPowered Mortgages for since 2009. My divorce went through twelve ago put the property in my name by transfer of equity. My situation has changed, I wish to retain my house but move in with my new partner, leasing my house out. I have been informed by my broker that I can seek consent to let by MPowered Mortgages rather than a BTL mortgage as I haven't purchased the property with the intention of letting it out, is this correct?
- Last December I moved out my house in a rush and let out the property. I am aware I needed consent to let via MPowered Mortgages but was uncertain as to what my plans were and I simply forgot about it. I'm now in the position where I want to sell that house and transfer the MPowered Mortgages mortgage to a new house. I am struggling to find a way through without being at the mercy of MPowered Mortgages for not obtaining consent to let. When porting, at the time of completion of the sale, you must declare your intention to "port the rate" and endure fresh set of affordability checks. While I have no difficulties with affordability, the credit check will show I don't live there any more.
- Last month I got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger property. Will it be possible to get a consent to let on my new mortgage with MPowered Mortgages to allow us to get a mortgage also with MPowered Mortgages for a new home?
- Me and my husband took a mortgage with MPowered Mortgages but am told they have a stipulation that they do not grant consent to let the property to a local authority. Is this correct and if so, is there a way round this?
- I would like advice as to how to proceed with gaining consent to let from MPowered Mortgages and what, if any, cost I face.
- Are you able to confirm what the process would be if we purchased a new home and need to get consent to let for our existing mortgage with MPowered Mortgages
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above MPowered Mortgages 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with MPowered Mortgages your property may be repossessed