Consent to Let

Sharon1983

Hi everyone this is my first post and I am hoping that someone can help.

I have recently started a new 2 year tracker mortgage with Alliance and Leicester, my boyfriend has asked me to move in with him and I would like to rent out my flat.

I understanad that I have to contact my mortgage provider to ask for consent to let. I was wondering if anyone has had experience with Alliance and Leicester regarding obtaining consent to let and what criteria they require. I have a LTV of about 85%.

Any help and advice would be greatly appreciated.

phlash

Sell it?

Or start reading up on being a Landlord, it's not all it's dressed up to be...

Sharon1983

I would prefer not to sell it, renting it out is the ideal option.

I've been doing some research and I've found a rental agency that will fully manage the lease of the flat for me.

mynameisdave

85% LTV should open up some BTL mortgages to you if A&L don't offer it. A Tracker mortgage is unlikely to have a big redemption fee in the way a fixed mortgage might.

But then you have to look into 125% rent ratio's, EPC's, Gas Checks.

As advised above its not straight forward as taking the rent but with 85% you have the equity to look into it if you want.

sharpee

I have an A&L mortgage and have just gotten my 2nd Consent to Let. It was fairly easy, told over the phone, and cost £95 per year. It does depend on how much equatity you have on your house though.

Give them a call to make enquires

Pete111

sharpee wrote: »

I have an A&L mortgage and have just gotten my 2nd Consent to Let. It was fairly easy, told over the phone, and cost £95 per year. It does depend on how much equatity you have on your house though.

Give them a call to make enquires

I have also done this via A&L and also pay £95 per year (into 3rd Year of doing this currently) to annually convert a residential mortgage to BTL

So, A&L appear to be quite reasonable about these requests. Try to avoid taking out a specific BTL mortgage if you can - they are usually much more expensive.

Do make sure you do your sums re renting your place out though. Our flat makes approx 3.5k profit per year before tax but there are lots of things to consider and you should draw up a full list/spreadsheet of incomings and likely outgoings before you commit.

Landlord zone is often a helpful website for new landlords.

phlash

Sharon1983 wrote: »

I would prefer not to sell it, renting it out is the ideal option.

I've been doing some research and I've found a rental agency that will fully manage the lease of the flat for me.

You still have responsibilities as Landlord, despite getting an agent to 'fully' manage.

If you are choosing an agent, try to get someone who is registered with an overseeing body. Lettings is not a regulated business, and therefore anyone can be an agent no matter how good they are. This is why it is very important that you yourself know what you are talking about so that you know when you have met a decent agent. You could otherwise find yourself with a large headache.

Perhaps search for an ARLA registered agent, by going to the ARLA website and looking for registered agents in your area.