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Intelligent Finance Consent to Let: A Comprehensive Overview

Intelligent Finance (IF), part of Lloyds Banking Group, offers consent to let (CTL) to existing mortgage customers under specific circumstances. This allows homeowners to temporarily rent out their property without breaching the terms of their residential mortgage agreement.

Understanding Consent to Let

A residential mortgage is designed for homeowners who live in the property. Renting it out without permission violates the mortgage terms, potentially leading to penalties or even repossession. CTL provides a formal agreement from the lender to allow renting for a defined period, usually with specific conditions.

When Might You Need Consent to Let from Intelligent Finance?

Circumstances that often necessitate CTL include:

• Temporary relocation for work: If you're moving for a short-term job assignment but intend to return.
• Moving in with a partner: If you're living with your partner and don't want to sell your current property.
• Extended travel: If you're planning a long trip and want to generate income from your property while you're away.
• Other unforeseen circumstances: Situations like caring for a relative in another location might also warrant CTL.

Intelligent Finance's Criteria for Granting Consent to Let

IF typically considers several factors when assessing a CTL application:

• Loan-to-value (LTV): The amount you owe on your mortgage compared to the property's value. A lower LTV (more equity) generally increases your chances of approval.
• Payment history: A consistent track record of on-time mortgage payments is crucial.
• Rental income potential: IF might assess whether the projected rental income adequately covers the mortgage payments and other property-related expenses.
• Reason for request: A clear and justifiable reason for needing CTL strengthens your application.
• Duration of request: IF may have limitations on the maximum duration for which CTL can be granted, often with options for renewal.

Applying for Consent to Let with Intelligent Finance

Contact Intelligent Finance directly through their customer service channels to initiate the application process. Be prepared to provide detailed information about:

• Your reason for needing CTL.
• The proposed tenancy agreement (if available).
• The expected rental income.
• Your plans for managing the property while it's rented.

IF may request additional documentation to support your application, such as bank statements or a valuation report. Be transparent and provide all requested information promptly.

Important Considerations

• Fees: IF may charge an administration fee for processing your CTL request. Inquire about this fee upfront.
• Mortgage rate: While rare, some lenders might increase the interest rate on your mortgage after granting CTL. Confirm this with IF.
• Landlord responsibilities: Renting out your property makes you a landlord, with legal obligations regarding tenant safety, property maintenance, and deposit protection.
• Insurance: You'll need to inform your building and contents insurance providers that you're renting the property and obtain appropriate landlord insurance.
• Tax implications: Rental income is subject to income tax. Seek professional advice on your tax obligations.

Conclusion

Obtaining consent to let from Intelligent Finance is a necessary step before renting out your mortgaged property. By understanding their criteria and providing a complete and accurate application, you can increase your chances of a successful outcome and avoid potential breaches of your mortgage agreement.

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