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Mortgage Advisor & Director
What is consent to let?
Consent to let is when your lender grants formal permission to rent out your home under the existing residential mortgage. If you're looking to let your existing home under a residential mortgage, your lender will need to grant consent to let.
Some lenders can be wary about consent to let, as the mortgage was offered on the basis that you were to be living in the property full-time, and tenants are seen as riskier. Consent to let is usually granted on the basis that the arrangement will be for a fixed amount of time before you move back in to live in the property or the property is sold. If you're looking to continue renting out the property on a more permanent basis, your lender may push you to apply for a buy to let mortgage.
At Teito, we've helped many people like you to secure a consent to let on their home or take the next step and get a buy to let mortgage. We work with more than 100 lenders offering 20,000 mortgages, including those who specialise in buy to let mortgages. Apply now and find your perfect mortgage with Teito.
Reasons you might need consent to let
There are various reasons why you may be looking to rent out your home.
- You're travelling or studying away from home for a fixed amount of time.
- You're working in another part of the country on a temporary basis.
- You are planning to move in with a partner, and you're not ready to sell your current home.
Is consent to let the same as buy to let?
No, consent to let is an arrangement on your residential mortgage, whereas a buy to let mortgage is for properties that are intended to be rented out permanently.
Due to the increased perceived risk to lenders, Buy to Let mortgages are offered on a different basis to residential mortgages.
- Loan to Value tends to be lower, which means you'll need a higher deposit in comparison to residential mortgages.
- The lender will want to see that the rent covers at least 125% of the mortgage repayments, and you may also need to demonstrate a separate personal income.
- Interest rates tend to be higher with buy to let mortgages than for residential mortgages, to account for the increased risk to lenders.
Why do I need consent to let?
If you do not get permission from your lender to let the property, this would be a violation of the mortgage terms, and they could recall the mortgage in full. This may also impact on your chances of securing a mortgage in the future.
Apply for a buy to let mortgage now
At Teito, we've streamlined the mortgage process to eliminate the unnecessary and time-consuming steps. The result is straightforward, stress-free mortgage applications, with market-leading deals. Get started on your buy to let mortgage journey with Teito now.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
