Renting your home with consent to let

With our permission, you can rent your home on a temporary basis, usually 12 months, on your residential mortgage. This is called consent to let.

Are you eligible?

Before you apply to rent out your home, please read and ensure you meet our criteria below:

  • You have a tenancy agreement.
  • This is a contract between you and your tenants that contains the legal terms and conditions of the tenancy. In England and Wales, you’ll need an acceptable Shorthold Tenancy Agreement (AST) and in Scotland you’ll either need a short assured tenancy or a private residential tenancy. This will need to be for a minimum of 6 months.
  • You’re planning to rent your home on a temporary basis. If you want to rent your home permanently, you’ll need a Buy to Let mortgage. For more information on Buy to Let Mortgages, please contact us.
  • You’ll need to have made at least 6 months payments on your residential mortgage. This doesn’t apply if you’re a member of the British Armed Forces or Clergy.

How to apply

Please contact our team on 0330 333 4030 and we'll arrange an appointment with a Mortgage Consultant for you.

Things to consider

Changes to your mortgage

Once your property is rented out, you won’t be able to:

  • Switch your mortgage deal
  • Apply to borrow more, although this may be considered if the money is needed to improve or repair your home
  • Complete a term change
  • Add or remove a borrower

You’ll also need to tell your home insurance provider that you’re renting out your home, as this might affect your cover.

Fees and Charges

While you’re renting your home, we’ll add 1% to your current mortgage interest rate. Unless you’re a member of the British Armed Forces or Clergy.

We’ll let you know about upcoming changes to the additional letting interest rate and our tariff of charges.

Paying Tax

You’ll have to pay tax on any profit you make from renting out your home. This means your taxable income could increase and you may move into a higher tax band.

The UK Government website contains more information about paying tax on your rented home and how you can work it out. For advice, you should always consult with an Independent Tax Adviser.

Are you already renting out your home?

If you’ve already started renting out your home, you’ll need to contact us for permission as soon as possible. You could be in breach of your mortgage terms and conditions, which could lead to further action being taken.

Ending your letting agreement

To end your letting agreement, please send or email a copy of your Council Tax Bill to us.


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