How do I get consent to let?

ismene · 23 May 2009 at 10:31AM

Help, I really need consent to let from Abbey because my job has changed but I only recently completed - what happens if they say I can't?

all advice gratefully received

princessamy86 · 23 May 2009 at 10:33AM

If they don't give you consent to let, then you might need to think about changing your mortgage. Otherwise, I'm afraid you're stuck with it, especially if you have only recently completed.

tbs624 · 23 May 2009 at 10:36AM

Find out if they will before worrying about what happens if they won't - just make the call

freeride · 23 May 2009 at 10:57AM

We got consent to let from the Abbey. They wanted to see that we are letting the house through a letting agent and have the correct insurance.

We also had to pay a fee of £495. (non refundable)

ismene · 23 May 2009 at 11:22AM

thanks - how long ago did you apply to Abbey and how long had you held the mortgage? the fee is high! Do you know if it's a set one or dependent on circumstances?

freeride · 23 May 2009 at 11:43AM

Hi Ismene
We applied in May last year and got consent after 3 weeks.

We had held our mortgage for 2 years before applying and never missed a payment.

The fees is high but cheaper than paying to arrange a BTL mortgage or paying a fee to get out of our preent fixed term.

I'm a self employed carpenter. They never asked for proof of income. I believe it rests on past paying/non paying history and the current rental value of the property along with associated costs.

rent_and_buy · 23 May 2009 at 4:57PM

Its always a good idea to check whether your lender will give you consent to let when you take out a mortgage, as you just dont know when you might want to rent your house out, i currently just changed my mortgage, and that was one of the reasons i chose my current lender, they let you stay on the same rate and will give you consent to let for a small fee of 199 pound.

silvercar · 23 May 2009 at 5:49PM

The risk is always that the lender changes the policy between when you take the mortgage and when you need consent.

It seems that lenders are tightening up to prevent the abuse where people took a residential mortgage and changed to BTL suspiciously quickly.

From lenders point of view, giving consent means acknowledging a tenant's rights - trouble if it comes to a repo. Much easier to refuse consent, let the borrower get on with it (or not) and then the lender has no problems if they need to repossess.

About time the FSA or government gave clear and consistent guidelines IMO.

Bebsie · 23 May 2009 at 6:10PM

My BIL is letting out his apartment but he has not applied for this concent to let, what can happen? Also, the tenant is receiving housing benefits, will they find out? i have told him what he is doing is wrong but he does not listen to me

ismene · 23 May 2009 at 9:18PM

Thanks, everyone. At least I know others have or have not gained consent. I too would like to know what has happenend to anyone who has let without consent. I presume that as long as th mortgage is paid and nothing goes wrong no one really loses out - though of course there are risks.

ismene · 23 May 2009 at 9:22PM

that was one of the reasons i chose my current lender, they let you stay on the same rate and will give you consent to let for a small fee of 199 pound.
- who is you current lender, rent_and _buy?

How do I get consent to let?

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