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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
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Just wondered if The Mortgage Works choose to operate a right to put a loading on my interest rate on a regular mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL loans'?
- I wish to buy a second house having recently bought a garden flat on normal mortgage. Looking to purchase in a few months time. I have been advised that I may require consent to let from The Mortgage Works, my current mortgage provider? What is the best way to manage this and procure the consent required.
- We have a fixed rate mortgage with The Mortgage Works for 2 yrs and have been living in the flat for nearly eighteen months. Due a job opportunity abroad I need to move so I would like to rent the place out. How can I get consent to let from The Mortgage Works?
- Me and my husband are in a tricky mortgage situation currently. We have to lease our apartment with consent to let and move to a new to be nearer to my parents. We are about to rent a house. We are finding it really difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- If we request a consent to let letter from The Mortgage Works will we be forced to convert to buy to let mortgage? We are with The Mortgage Works and as houses are not selling at the mo but we have seen one we like we were considering letting our home out in order to acquire the new and sell this one when the value improves.
- How much is it to get a consent to let from The Mortgage Works on my residential property. I've moved in with my partner and have a family member wanting to let out the property.
- I took a residential mortgage with The Mortgage Works, and I would like to rent the house out, until I decide whether to sell or keep it as an investment. As things stand I am on the standard variable rate. Will I need to remortgage? I.E. buy to let?
- I recently bought a house using a The Mortgage Works mortgage. However I am presently living with parents. I don't want to move in until for eight months due to personal reasons. In interim can I let out the property with consent to let?
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Caveats to be read in further to the above The Mortgage Works consent to let Questions and Answers
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
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 inform them may 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 provisions in the lease may prevent 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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action 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 The Mortgage Works