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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
- We purchased a house in 2008 with the help of a housing association, I own half via mortgage and rent the other half. Three years ago I bought a new property. I let out my first house and moved to the new property. I obtained consent to let from my lender and I was under the assumption I had consent to let from the housing association. Yesterday I had a letter from the housing association advising they had nothing on record to evidence I had attained consent to sublet. What are my options?
- We are looking to rent out our ground floor flat in Merton in the new year. I would like some suggestions on what I need to do. I've just moved our Santander mortgage to a fixed term and just need to understand what the procedure is if I plan to get consent to let.
- My fixed rate mortgage with Santander comes to an end on 21st July. I am about to move to Belfast with work in November. I wish to let out the house initially. Can I get a consent to let the property?
- Is it correct that lenders (I have a mortgage with Santander) are adopting a more accommodating approach towards consent to let? A broker recently mentioned to me that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. So if I switch from a owner-occupier to a Buy to let I am moving to a regulated product. His belief was that under the current regulation banks are reluctant to allow borrowers do this, which is likely why some banks will allow borrowers obtain consent to let but not transfer to a BTL mortgage. Is this correct?
- Just curious as to whether it is possible if you own one property with consent to let from Santander, to buy a second with a residential mortgage to live in. Then once the consent runs out on the first property, to convert to buy to let or sell it?
- This is not a question specific to Santander but do mortgage companies usually provide the information I need for my Buy to Let or Consent to Let self-assessment tax returns?
- Will Santander want to know why I am seeking consent to let? Should I inform them of my potential relocation abroad?
- I have a domestic mortgage with Santander and require consent to let. What are the factors and requirements that I need to be aware of in order to obtain consent?
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 information
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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 Santander