Consent-to-let Help for Paragon Mortgages Ltd

Top Five Questions relating to Paragon Mortgages consent to lease

• I have a home loan with Paragon Mortgages on a flat and I intend to find a tenant for it out and rent another property as a result of changes in personal circumstances - I want to move to a different location, and to live in a bigger property with my partner. I sought consent to let and yesterday got reply with a refusal because they felt I want to invest. I dont know what my options are. The process has put me at risk since I already have rented a new house and would have to pay both Paragon Mortgages and rent payments, which could put me in financial risk. The matter needs to be addressed soon as a prospective tenant at the ready
• I am a FTB in the process of trying to purchase a flat. However I am potentially also going to be moving abroad within the next couple of years. I have told this to my financial adviser who has informed me as long as nothing has been signed or confirmed you can go ahead and apply for a residential mortgage with Paragon Mortgages. Once that's complete if it transpires that I need to move abroad he said can apply for a consent to let from Paragon Mortgages. How would the property be treated for CGT purposes? From what I can tell there is some sort of tax relief if you have had to vacate your property to move abroad for work. is that right?
• I have a current mortgage contract with Paragon Mortgages and need clarify if it would be possible to receive consent to let out our three bed flat in Barnet.

  The purpose for wishing to find tenants for the property are are due to: -

  • My family and I will be moving to Melbourne in January.
  • In letting out the house this will enable us to make some savings to support the migration process.
  • There is little merit from a fiscal perspective to redeem the mortgage for a property which we are not residing in and by renting out the home this would be considered as an ongoing investment.

  If Paragon Mortgages 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 protection.
  • Provide our forwarding address for when we move.
• I understand that this is a breach of Paragon Mortgages mortgage policy if I rent out my property having indicated that I intend to reside there. The intention is to redeem the mortgage after five years, by which time I will become the outright owner, meaning I no longer require any consent to let. Paragon Mortgages advised me I can overpay as much as I like during the lifetime of the mortgage. I know someone who is interested in renting the property. What checks do Paragon Mortgages do and what are the chances that they are likely to do this? What are the ramifications of not seeking consent to let? From what I have read there is a possibility of Paragon Mortgages levying a fine
• Last month I bought a house with 10% deposit for personal uses. A homeloan was taken with Paragon Mortgages. But my circumstances have now changed. I am being transferred abroad. Am I able to get consent to let from Paragon Mortgages and put the property up for rent?
• Six weeks ago I purchased my home and took out a mortgage with Paragon Mortgages but my boyfriend has asked me to move in with him. Would I be allowed consent to let?
• Do you have the address to which a Consent to Let request to be sent for Paragon Mortgages? Sorry about bothering you with this query.
• Me and my partner am looking into the option of renting out my home with consent to let from Paragon Mortgages whist away travelling for three months