MORTGAGES

Permission to let

Start your application for permission to rent out your property.

It takes about 10 minutes to complete your application.

Even if you’re not approved, it won’t affect your credit rating.

There’s no rush to find tenants – once you get permission, you can let your property when you’re ready.

Check that you’re eligible

You’ll need to make sure:

You don’t already have permission to let on another mortgage with us
You don’t have a mortgage arranged under the mortgage guarantee scheme
You have permission from the freeholder, if the property is a leasehold
You’ve lived in the property for at least six months
You haven’t applied for additional borrowing on your mortgage in the last six months
You aren’t borrowing on a Family Springboard Mortgage that’s still in the Helpful Start account term
You’ll let the entire property, not just part of it, and no borrower named on the mortgage will live at the property
If you have an equity loan or shared ownership arrangement, make sure your scheme provider or landlord has given consent for you to let the property.

Make sure that:

The mortgage started over 6 months ago, and hasn’t been in arrears within the last 6 months
Everyone named on the mortgage will be named as a landlord in the tenancy agreement or similar contract
The property won’t be vacant for more than six months
The property won’t be let on more than one tenancy agreement at a time.

Keep in mind:

Any open application you have for additional borrowing could be cancelled
Your future additional borrowing could be affected
If you need to switch your mortgage rate, you’ll be limited to moving onto specific permission to let products
We don’t offer tax advice. If you have any questions about how permission to let may affect your income tax, please seek independent tax advice.

Do you have a mortgage current account with an overdraft (for example, a mortgage reserve)?

Just so you know:

We’ll cap any limit and turn off rebalancing
If you want the mortgage reserve and rebalancing back after you return to the property, let us know within 60 days. Otherwise, we’ll permanently turn it off.

Your mortgage account number
Your property address
Permission to apply from everyone named on the mortgage
Your tenancy agreement, which is how you’ll let the property. If you need help with this, get in touch with a letting agent.