Need Help?
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.
Sample questions relating to Santander consent to let
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Having endured living in a rough area for 3 years now, we now want to move. As selling the property will result in early repayment charges to Santander of £5000, we considered that it would best to rent it out. So, we need to obtain a consent to let from Santander only 12 months. Will Santander grant consent?
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Bottom line - if worst comes to the worst what action Santander can take if I have let out my house if consent to let is not first obtained?
- We I have a owner occupier mortgage with Santander but I would like to occasionally rent the property out as a holiday let....do I require consent to let from Santander?
- Can you explain "consent to let" to me? I live in a studio flat and its in good condition. It is on the market and I am struggling to sell. This is because my neighbour is noisey. I had no choice but to put it on the disclosure sheet. Mortgage is with Santander on a fixed rate. It has been suggested to me that I should obtain consent to let via Santander and lease the flat to tenants.
- If I let my house out with consent to let from Santander will will theyjack up the interest rate? I am presently on a fixed rate for two years.
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a six month thing before consent to let - does this apply to all lenders. Is there any way Santander would allow it from day one?
- Where I have an existing residential mortgage with Santander and am planning to rent it out in the future will I be given consent to let? What is the process and cost involved?
- I currently have a residential mortgage with Santander and plan on letting due to work being based in Luton. In asking for consent to let from Santander do I run the risk of them forcing me to change deal to B2L
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to 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
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 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 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