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.
The Mortgage Works consent to let: Q and A’s
- I am a couple of years up in my 5 years fixed term mortgage and planning to take an overseas job so wish to rent out my home for a couple of years. My loan to value is in the region of 60%. Are you able to clarify if The Mortgage Works will increase my interest for consent to let for a couple of years?
- My fiance and I have a standard mortgage with The Mortgage Works. I have been offered a home as part of my job and would like to rent out my existing house. My mortgage broker seems confident that it is straightforward process. Can you give me some information please?
- I would like to rent out my existing property and want to acquire a larger house for the family. I have a fixed rate mortgage with The Mortgage Works. On the basis I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I refinance after a couple of years with another lender? What consequences does that have apart from the higher rates - will I need a higher equity ratio in the property too ie lower loan to value?
- I am an existing The Mortgage Works mortgage borrower seeking consent to let on my current property. We would like to purchase in close proximity to where we are based with the Army,... but we may have to move.
- Just enquiring if it's possible if you own one property with consent to let from The Mortgage Works, to purchase another 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?
- My mortgage company refuse to issue consent to let without a move in date confirmed with a tenant. How can I confirm this whilst lacking consent to let? I can't be certain but I vaguely recall my friend had a similar issue with The Mortgage Works.
- As of today I have a mortgage with The Mortgage Works. I am considering renting and purchasing another property but this is all alien to me. What is the procedure for consent to let?
- I'm interested in more information regarding consent to let from The Mortgage Works. Would a valid reason be parking problems and the house is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above The Mortgage Works 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
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 restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
If you do not keep up the payments on your mortgage with The Mortgage Works your property may be repossessed