Letting your property

Under the terms and conditions of your mortgage, you must seek the agreement of the Society if you want to rent out your property. There are certain conditions with which you must comply before the Society will normally consent:

a) The property must only be let on an Assured Shorthold Tenancy basis.

b) The rent you charge your tenants must exceed the monthly mortgage interest charge by at least 30%.

c) The loan must not exceed 70 % of the current property value. If you believe that your property has increased in worth since the last valuation then we could arrange for it to be re-valued. A fee of £77 would be chargeable for this service.

d) Suitable property insurance must be arranged and evidence provided to the Society (your existing household insurance policy may not cover you if the property is let).

Provided you satisfy all of these conditions the Society would normally consent without imposing any further restrictions. However, any owner-occupied mortgage product discount or tracking rate would automatically be removed and if your mortgage was arranged on an owner-occupied fixed rate this will also need to be reviewed. If your mortgage has been in arrears during the last 3 months, we may ask you to provide more information regarding your ability to meet the higher monthly payments, if any.

If you think you meet all the above criteria, please click here to enter your details so we can send you our standard Request to let form, for mortgages that meet the standard criteria, for you to complete and return for our consideration.
If your mortgage falls outside the standard criteria, we will still consider your request but, if we agree, we may impose additional conditions. Click here to complete a request to let form, for mortgages that do not meet the standard letting criteria in our secure contact form.

IMPORTANT – if you let your property without first seeking, and receiving, the Society’s consent, you will be in breach of your mortgage conditions. Making the enquiries above does not automatically imply our consent will be given, but we will provide written consent if it is granted.


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