Consent to Let

What is Consent to Let?

Consent to Let mortgages allow you to rent out your residential home for a limited amount of time. To do this you will need to get consent from your lender. If you rent out your home without having this agreed by your lender, you will be breaking the terms and conditions of your mortgage and your insurance policies may also not be valid.

Doing Consent to Let will allow you to rent out your home on a short-term basis, typically 6 to 12 months but in some cases up to 24 months. It is important to know that Consent to Let is not a permanent change to your mortgage agreement and is not a long term solution. If you do intend to rent out the property long term, you will need to convert your mortgage to a Buy to Let mortgage.

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Why Consent to Let?

There are a few reasons why you might want to look into Consent to Let:

• - You need to temporarily move for work or have accepted a short-term work contract overseas.
• - You're moving in with a partner and want to rent out your existing home while waiting to sell it
• - You're wanting to travel for a few months
• - You need to move in with a relative to care for them temporarily
• - You're a member of the Armed Forces and have a tour of duty in another country

Possible costs of Consent to Let:

There are a number of expenses that you will need to consider when looking into Consent to Let, some of these are;

• - Lenders will usually charge you an extra percentage rate on top of your normal mortgage rate or a one off fee.
• - Landlords Insurance
• - Tax on your rental income
• - Letting agency fees
• - Maintenance and repair costs
• - Legal fees for drawing up contracts

There are many pros and cons to Consent to Let and it may or may not be the best option for you and your circumstances. We advise you to arrange a free consultation with a mortgage adviser to discuss if it is something you can do with your lender and if it really is the best option. We will look at fees your lender will charge you so you know exactly how much it will cost to do this. Give us a call on 01623 622611 or book a Free Initial Consultation via our online booking system.