Consent-to-let Help for Paragon Mortgages Ltd

Questions and Answers: Paragon Mortgages consent to let

• I am a FTB looking to purchase a detached house in Paragon Mortgages. I have a 40% deposit with a mortgage from Paragon Mortgages. My predicament is that my partner inherited a apartment in Nuneaton and I can foresee myself moving in next year, when I would want to let out my house. I understand that consent to let is required but it does not sound like there is any certainty. Is there any advice you can impart?

• I have a maisonette but I am hardly there, exploring the option of renting it out. The mortgage is with Paragon Mortgages, would I have to switch my mortgage product or ought I try to get consent to let?
• I have a current mortgage contract with Paragon Mortgages and need clarify if it would be possible to obtain consent to let out our one bedroom apartment in Redbridge.

  The reasons(s) for wanting to lease out the property are as follows: -

  • My family and I will be relocating to Hong Kong early next year.
  • By renting out the house this will enable us to make some savings to assist with the migration process.
  • There is little merit from a fiscal perspective to discharge the mortgage for a property which we are not residing in and by renting out the place this would be viewed as continuing investment.

  If Paragon Mortgages agreed that we are able to proceed with renting we would propose some financial commitments to include: -

  • Maintain paying the monthly mortgage payment by direct debit.
  • 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.
• I have a flat in Bexley with a Paragon Mortgages mortgage but I no longer reside there. My dad moved in but is there rent free. At the moment I live in rented premises and am keen to purchase a house. I have found a perfect property at an attractive price. I have enough of a deposit to put down on the house I am interested in but would find it difficult to pay enough off the old property to switch it to a buy to let loan at the same time. Can I switch the current Paragon Mortgages mortgage for my old property into a consent to let and use my reserves to pay a larger deposit for the homeowner mortgage on the property that I want to buy?
• Would I be able to remortgage to Paragon Mortgages from my existing provider, with a consent to let or do I need a let to buy loan, and if so what are the LTV's?
• There is a chance of me going to Aus for twelve months with work. Planning on taking the husband with me and hoping to rent our UK home in the meantime on a temp basis to make things more cost effective. I was just wondering about the processes of getting a 'consent to let'
• Am I required to obtain consent to let if I rent to a family member (in my case my mother now lives there and contributes towards the Paragon Mortgages mortgage)?
• We are mulling over a remortgage offer with Paragon Mortgages and it's likely I will end up asking for consent to let at some point in the fixed period. Are there any charges I should be aware of?