Consent to Let
1. I’m looking to permanently let out my property.
You would need to either wait until your existing mortgage product term comes to an end, or end your current mortgage product early (which may incur an Early Repayment Charge). This would allow you to apply to switch to a Buy to Let product, avoiding the need for a consent period, subject to meeting Buy to Let lending criteria.
2. I’m not looking to permanently let out my property, however the Consent to Let period extends past the end of my existing Residential mortgage product.
In this case, the mortgage will revert to the Standard Variable Rate (SVR) once your current mortgage product term expires. Alternatively at this point, you may apply to complete a product transfer to switch the mortgage to a Buy to Let product to continue to let the property for a longer-term period, subject to meeting Buy to Let lending criteria.
3. I’m looking to continue with a Residential mortgage, however the consent period for Consent to Let extends past the end of my existing Residential mortgage product.
In this instance, you must be provide evidence to show that you have returned to residing in the mortgaged property. Until this evidence is provided, the mortgage, once it comes to the end of your current mortgage product term, will revert to the Standard Variable Rate (SVR).
A successful application involves paying a one-off fee. Our current mortgage rates and charges can be found here.
An appointment with a mortgage advisor will be required (either in branch or over the phone) in order to complete the Consent To Let application.(*) The £295 fee, where required, can either be collected during the appointment or at an arranged later date, prior to the consent period commencing.
Payment of this fee is not required from members of the UK Armed Forces.
(*)Please note, no advice, guidance, or recommendation will be provided during this appointment.
Yes, you can still complete a Consent to Let while outside of our Buy to Let lending criteria.(*)
However, when the mortgage product ends , you will need to consider options 2/3 provided in the first FAQ on this page. These options are also provided within the Consent to Let Application Form in the Letting Terms & Conditions.
(*)Further information on our Buy to Let criteria can be found on the Buy to Let pages of our website. Please arrange an appointment with a mortgage advisor if you are unsure or need to discuss your options.
Please note that mortgage variations may be restricted during your consent period, including borrowing more money on your mortgage and changing your mortgage terms.
Yes, additional terms and conditions are included on the application form.
As a condition of your mortgage, you are required to maintain adequate building insurance for your property at all times. If you proceed with letting the property, you should ensure that your existing insurance policy remains suitable for this change in use. We recommend that you review your cover and inform your insurer of the change in circumstances, as this may affect the terms or validity of your policy.
You may be required to pay tax on the profits that you earn from renting out your property. The UK government website has a page dedicated to working out your rental income when you let a property.(*)
(*)The Cumberland does not offer tax advice and we recommend that customers who are considering letting out their property, take appropriate independent financial advice or guidance from HM Revenue and Customs (HMRC)
You must inform The Cumberland Building Society immediately, providing evidence of re-occupation such as a utility bill or bank statement.
No, we only offer a consent to let for a temporary basis. If you would like to let your home on a permanent basis, you will need to apply for a Buy to Let mortgage.
Visit our sole trader Buy-to-Let mortgage page for more information. Or book an appointment to speak with a member of our team.
- If you are still letting out your property, you mortgage will revert to our Standard Variable Rate as detailed in your mortgage offer. In addition, you will be unable to switch to a new residential mortgage product, borrow more money or vary your mortgage contract.
- If you are looking to permanently let out the property, you may apply for a Buy to Let product, subject to meeting Buy to Let lending criteria. Once this has been successful, you will then be able to apply for additional borrowing or make a request to vary your mortgage contract.
- If you no longer wish to let your property out, evidence must be provided to show that you have returned to residing in the mortgaged property. Once this has happened you will be eligible to switch to a residential mortgage product.