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Need professional advice for your consent to let with Pepper Money (PUK)? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Pepper Money (UK) consent to let
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Do I need consent to let from Pepper Money (UK) or can I rent out my basement flat without telling Pepper Money (UK) and being forced to switch to a buy-to-let mortgage?
- My husband and I are planning to buy a one bed flat with 30k down payment with the aim of living there. Somewhat fortuitously the in-laws are arranging to move abroad Should we proceed with a residential mortgage with Pepper Money (UK) would there be any difficulties with negotiating consent to let ?
- Is it possible to let out our house minus consent to let from our lender? I know that at the time we signed a form saying it wouldn't be a buy to let property and that we don't own other property. I know you can't use help to buy if you owned other premises at the time, but what about property after the event? Can one acquire a further property, receive a gifted property?
- Me and my husband have a fixed mortgage with Pepper Money (UK) (with just under eighteen months remaining) but due to redundancy want to move away from Essex (actually to a new job in Holland) and so want to rent the property out. We don't want to have the expense of an early redemption fee and understand that some lenders are content to give this 'consent'...what is the policy adopted by Pepper Money (UK)?
- I don't currently have consent to let by Pepper Money (UK) but I would like to apply, An opportunity has arisen which might involve me working away for eighteen months. But want to keep my home for my return - are you able to assist?
- My OH is in the process of placing an offer on a new property in Newham and is on to a good deal as it requires renovating. We want to rent our current property for two years and then return. Will I be granted a consent to let by Pepper Money (UK)?
- Am I required to wait for consent to let to be given on my prevailing residential mortgage with Pepper Money (UK) before applying for a resi mortgage on a new property?
- Does my LTV need to be at a certain ratio to allow me to apply for a consent to let from my mortgage lender Pepper Money (UK). Will any consideration be given to the fact that I only drew down on the mortgage four months ago?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Pepper Money (UK) consent to let Info
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 Pepper Money (UK) 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 regular 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
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 advise your co-owner of your intention to let could result in them taking legal action 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 Pepper Money (UK)