In Portsmouth’s dynamic property market, ‘Consent to Let’ is a crucial concept for homeowners considering renting out their property.
This short guide demystifies the process for Portsmouth homeowners and underscores its importance.
Understanding ‘Consent to Let’ in Portsmouth
‘Consent to Let’ is a formal agreement between you and your lender, allowing you to rent out your Portsmouth property while retaining your residential mortgage. It’s not a green light to rent under a standard mortgage, as residential mortgages typically require the owner to reside in the property.
Securing ‘Consent to Let’ on your Portsmouth home.
Most major lenders offer ‘Consent to Let’ options. The process, which can be initiated with a phone call or online, involves standard checks on your mortgage history, financial health, and potential rental income.
Possible Hurdles and Fees in getting ‘Consent to Rent’ for your Portsmouth home
You will find it very difficult with your application if:
- Your mortgage is less than six months old
- You’ve missed mortgage payments or other loan payments
- Your credit score is low
- The rental income doesn’t cover the mortgage payments
Fees for ‘Consent to Let’ vary by lender and can be either flat fees or interest rate increases.
Duration and Aftermath of ‘Consent to Let’ in Portsmouth
Typically, ‘Consent to Let’ is a short-term fix, lasting six months to two years. After this period, you’ll need to revert to the original mortgage terms or consider transitioning to a buy-to-let mortgage. ‘Consent to Let’ offers flexibility for Portsmouth homeowners needing to rent their property temporarily. However, it’s essential to understand the costs, responsibilities, and limitations before proceeding. If you are thinking of going down this route, your first stop must be talking to your existing lender.
