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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
- At the moment I am tied into a tenancy agreement until September and am buying an apartment. Would my lender MPowered Mortgages object to granting consent to let until my tenancy ends and then moving in?
- A few months ago I rented out my garden flat and have gained a Consent to Let with my bank. Six months have now gone by and they have upped my interest rate as forewarned. I cannot port to a more favourable product with them, as they will withdraw my consent to let. Were I to go with an alternative mortgage company for example MPowered Mortgages, would I be required to obtain a Buy To Let mortgage or could I simply remortgage and obtain consent to let?
- I'm planning to remortgage my three bed flat, currently let out with consent to let from MPowered Mortgages, onto a BTL rate as we are unlikely to be moving back into it now since we have our family home. So, I'm assuming I need a specialist broker for this and I am not really conversant with what my options are. Can you offer any advice on a good broker service specialising in BTL?
- My current mortgage provider is MPowered Mortgages. Can you point me to where I can download the consent to let submission forms from, as we have started letting the flat?
- I currently have a mortgage with MPowered Mortgages. I am considering renting and buying another property but this is all alien to me. How do I go about procuring consent to let from MPowered Mortgages?
- My daughter has a mortgage with MPowered Mortgages and she wants to lease her apartment out as she moving in with her boyfriend.Will she be issued with consent to let? What is the process and what needs to be done next?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with MPowered Mortgages. My property is worth approx £250k and owe £85k on it. Will MPowered Mortgages increase my interest rate?
- I am planning on relocating within the next nine months and would like to lease my house out. My interest rate is fixed with MPowered Mortgages. I am worried a 1% increase would be too much if that was a condition of obtaining consent to let
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above MPowered Mortgages consent to let information
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could trigger your insurance becoming null and void. 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 to have a license to do so from 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
Failure 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 MPowered Mortgages your property may be repossessed