Consent to Let
Many first-time landlords are unaware they need consent to let their property from their mortgage lenders.
Some lenders may approve an application without penalty others will charge a one-off fee, whilst some companies may increase the interest rate on the existing mortgage.
Depending on a mortgage company’s policy, it may be worth considering transferring to a buy-to-let mortgage. This may be a little more expensive than a residential mortgage and early repayment fees on an original mortgage may be incurred. A long term saving, however, may achieved be over the rental income and capital growth of the property would outweigh the initial set up costs.
For prospective landlords, an interest only mortgage may not only offer the benefit of cheaper repayment terms, but also potential tax advantages.
Please don’t be tempted to go ahead and let without your lenders permission as this may breach the conditions of your mortgage agreement. This can have serious consequences culminating in the lender taking possession proceedings against you.
Our recommendation is to seek professional advice from an independent financial adviser who specialises in mortgages before making any decisions.
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Testimonials
"I am delighted to say that since putting my properties in the capable hands of Fine Lets Limited my mind has been put at rest. This company provide a first class service. They are competent and efficient, the client’s interests being a priority at all times. I would have no hesitation in recommending this letting agency."
— Mrs M Mercer, Glasgow
"We would like to say thanks for the unbelievable service you afforded us throughout the letting of our home. Prior to finding you, the property was with another agent for over a year with not one viewer. We were delighted when you rented the property within four weeks. The personal service and attention to detail are faultless and your pleasant nothing-is-a-problem approach is so refreshing. You have made owning managed properties from abroad very simple. It has been a pleasure getting to know you and we are confident our property is in safe hands."
— Mr & Mrs M Dally, Canada
In a most difficult economic period Fine Lets team kept on the case with enthusiasm and energy until they found good tenants for my Glasgow flat. Throughout I was impressed with their professionalism and their knowledge of the legal and other specialist fields that are so important. Now as they manage the property I can relax knowing it’s in the best hands.
— Dr H Manson, New Zealand
