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Need professional advice for your consent to let with Santander? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Santander consent to let: Q and A’s
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Can Santander choose to operate a right to put a loading on my interest rate on a residential mortgage where the lender has granted Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'?
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I have a regular mortgage over my residence in loc and intend to move to country for three years. During this time frame I want to let out my apartment. My mortgage provider refuses to issue a consent to let. I don’t really want a buy to let mortgage as it’s only for a short period that I am abroad for.
- I am two years into a five year fixed term mortgage and have accepted an overseas job so would like to let my property for two years. My L2V is around 50%. My query is whether Santander will charge me more interest for consent to let for 2 years?
- Eight months ago my bank (not Santander) granted me with consent to let. This was subject to a provision that every 6 months they would add a fee of half a percent of the outstanding mortgage amount. Having the first couple of payments they have omitted to make the charge in recent months. Should I be worried that this means that my consent to let has been canceled .
- I would like to let my house which is on a standard variable rate mortgage with Santander. What do Santander require for me to do to get consent to let?
- If we ask for a consent to let letter from Santander will we be forced to convert to buy to let mortgage? Our mortgage is with Santander and as properties are not currently selling and we have seen one we like we were considering letting our home out in order to acquire the new and dispose of this one if the local market picks up.
- I hope to buy a new home but can't afford to sell the current apartment with a Santander mortgage. Do you know the criteria for Santander to issue consent to let? Is getting married and having children a good enough reason to make the request?
- I have a house in Sutton. I would like remortgage with Santander and either change to buy to let or consent to let. I'm still within the redemption penalty period so not sure if I will be liable to pay that?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Santander consent to let Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with Santander 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Santander