Need Help?
Need professional advice for your consent to let with The Mortgage Works? 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: The Mortgage Works consent to let
- My husband and I have just sorted our rates for another fixed five years with The Mortgage Works. Subsequently, I attended an interview and basically I accepted the job offer in Croydon. I'm going to rent a two bedroom flat for me and my family in Bromley as we don't wish to sell the house and moreover we might come back within a couple of years.... We really don't know whether it will go. We have contacted The Mortgage Works but we would appreciate your take on the situation. How is it to receive consent to let in that case as we secured a fixed 5 years rate we would not want to lose this rate.
- I am seeking some feedback as to whether consent to let from The Mortgage Works is the best option. I acquired my property last July by porting a The Mortgage Works mortgage product. My fixed rate expired two months ago I'm thinking about moving in with a new partner. I don't want to sell my house yet as I have no idea as to whether the new move will work out. I just wanted an idea of whether a consent to let from The Mortgage Works would be possible?
- Am I obliged to notify The Mortgage Works of my intention to rent a shed out on the grounds of my property. Can you help clarify? I am taking separate advice on the insurance, legal and tax side of things .
- Just a quick question as I am a bit clueless and wondering if The Mortgage Works conduct any checks when applying for a homeowner mortgage, I'm ideally looking to lease the property out and am unsure as to whether I should apply for consent to let. How would they find out if I let the house out?
- Can you help with a question...if consent to let is granted by The Mortgage Works would it usually be restricted to a time limit, such as 6 or 12 months?
- Do you know whether The Mortgage Works will accept rental income on consent to let for affordability purposes or does it need to be BTL ? Would The Mortgage Works let me raise capital based on the rental revenue ?
- I have a mortgage with The Mortgage Works. I am thinking of moving out and leasing out my house. Do I need a consent to let ?
- I am looking at an offer to work overseas and have been advised that I need to let The Mortgage Works know so my mortgage is under consent to let? Please could you clarify the best way to go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above The Mortgage Works consent to let Advice
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could trigger your insurance becoming null and void. 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with The Mortgage Works