Consent to Let

Posted on 30 January 2011 by Jason

I would like to ask my lender for consent to let my house, due to me having to relocate. I have never missed a mortgage payment but my concern is that I have no equity in my home. The interest rate I am paying is only 1.49% (it's a lifetime tracker)so I'm concerned that my lender will not want to grant me the consent to let as my interest rate is so low. But I have to move and I can't sell the property because it's in negative equity! Your thoughts please?


I can quite understand your concern about losing your current interest rate, but I don't think this will be an issue. So long as you ask for permission to let because your are temporarily relocating with work and intend to return to the property your lender will normally grant permission without amending the terms of your mortgage.

It is very likely that this consent will be for a limited period, say 6 - 12 month's after which they will want to review the situation and you may have to reapply at this time. Each Lender has their own criteria and fees for this and I suggest you speak to your Lender to find out their position.

You will need to address the negative equity at some point though and you should ask your Lender what assistance they can give to their existing borrowers in this situation. You might be able to "port" your existing mortgage and the negative equity to a new property or they may even suggest that you let out the current property until such time as the market rises. It is in the Lender's best interests to help you because the last thing they will want is to take possession of a property they will lose money on.


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