Letter of Concent to Let

L123

I understand that when I let my house which has a mortgage I need to request a letter of concent from my mortgage company (£295 cost to me) however, many friends I've spoken to did not do this and instead just got landlords insurance. Can anyone help?

Many thanks

Lucy

Guest101

Your friends are risking having their mortgage recalled.....

hazyjo

http://www.gocompare.com/mortgages/consent-to-let/


Loads on MSE too.


Jx

eddddy

Just an interesting aside on this - for rental properties advertised on Rightmove.

• Rightmove is partners with one of the credit reference agencies.
  
• Rightmove sell the addresses of properties advertised for rent to the CRA
  
• Member banks give the CRA a list of all the addresses they have mortgages on.
  
• If an advertised property matches a mortgaged property, the CRA tells the bank.

So if you have a mortgage with a bank that subscribes to this service, and your property is advertised for rent on Rightmove - your bank is likely to find out.

(There are also suggestions that HMRC buy this type of data as well.)

AdrianC

L123 wrote: »

I understand that when I let my house which has a mortgage I need to request a letter of concent from my mortgage company (£295 cost to me) however, many friends I've spoken to did not do this and instead just got landlords insurance.

They're different things.

Consent to let = the mortgage lender saying "Yes, we're happy to take on the risk of substantial extra work in the event of needing to repossess".

Landlord insurance = insurance for the property.

Bob_Bank_Spanker_2

eddddy wrote: »

(There are also suggestions that HMRC buy this type of data as well.)

HMRC absolutely do buy this data - they are heavily expanding in this area. Which makes sense, they have access to everything they need to accurately determine where people are evading tax, it's just a case of joining the dots.


https://www.civilservicejobs.service.gov.uk/csr/index.cgi?SID=cGFnZWFjdGlvbj12aWV3dmFjYnlqb2JsaXN0JmNzb3VyY2U9Y3Nmc2VhcmNoJm93bmVyPTUwNzAwMDAmb3duZXJ0eXBlPWZhaXImcGFnZWNsYXNzPUpvYnMmam9ibGlzdF92aWV3X3ZhYz0xNTIzNjA0JnNlYXJjaF9zbGljZV9jdXJyZW50PTEmdXNlcnNlYXJjaGNvbnRleHQ9MzI3NDcyOTImcmVxc2lnPTE0ODY2NDQ0NDEtNmNlODY4ZmFkNmJiNzA5YzQzZjBlOTFmZjg1MzcyYzM5NDAxZjFmNg==

mchale

Guest101 wrote: »

Your friends are risking having their mortgage recalled.....

But highly unlikely if mortgage payments are made.

G_M

L123 wrote: »

I understand that when I let my house which has a mortgage I need to request a letter of concent from my mortgage company (£295 cost to me) however, many friends I've spoken to did not do this and instead just got landlords insurance. Can anyone help?

Many thanks

Lucy

I understand that when I drive my car on the motorway I need to keep my speed below 71 mph (late arrival cost to me) however, many friends I've spoken to did not do this and instead just drove at 90 mph, Can anyone help?

Many thanks

G_M

* New landlords: advice, information & links

Marvel1

mchale wrote: »

But highly unlikely if mortgage payments are made.

Not fair on tenants, what other things as they not doing and they should for something simple at the start.

L123

Many thanks for your comments.

Afrim

L 123,


Is your house been bough privately of from local authorities?