Need Help?
Need professional advice for your consent to let with New Life Mortgages Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to New Life Mortgages consent to lease
- I have had a current homeloan with New Life Mortgages for almost 3 years and the fixed rate is due to come to an end. We are considering releasing equity out of our present place to allow us to buy a more substantial house and then let out the current ground floor flat. We have had initial advice that we ought to look for a new residential mortgage with a consent to let - what does this mean?
- We are currently 1 year into a year fixed rate mortgage with New Life Mortgages. We would like to purchase a more substantial second property in the coming months however would like to retain the first home and I was wondering what reason we could put down on the consent to let form to obtain consent to from New Life Mortgages
- A few months ago I let out my maisonette having secured Consent to Let with my mortgage lender. Half a year has now gone by and they have loaded my mortgage rate as previously advised. I am unwilling to transfer to a preferable product with them, as they will revoke my consent to let. If I was to go with another provider such as New Life Mortgages, would I be required to get a B2L mortgage or could I just refinance and gain consent to let?
- My husband is in the army and he has been posted overseas we would like to get something called 'Consent to let' from our lender New Life Mortgages. Can you help me?
- I’ve already let but only just realised New Life Mortgages should've been told and consent to let applied for - what's the best course of action now?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a 6 month thing before consent to let - does this apply to all lenders. Is there any way New Life Mortgages would grant consent to let from day one?
- I would like to let my home for 3 years max. I would like to know if I could have a consent to let by my existing mortgage lender New Life Mortgages?
- I have a mortgage with New Life Mortgages and am debating whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this time. What are my consent to let options currently?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above New Life 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
One thing to remember when arranging a consent to let mortgage with New Life Mortgages 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with New Life Mortgages