Bank's consent to rent out flat

Does anyone know how easy it is to get the Bank to grant consent to rent out a flat? What is the process involved? Any advice/insight much received!

Thanks for replying. Yes, I do realize this...does anyone have experience of this and whether any banks have turned down consent? If so, on what grounds?

The bank may raise the interest rate of the loan on the property as it is no longer for self-occupation. Indeed the change could result in the bank demanding immediate repayment of the mortgage though this is unlikely.


Depending on your repayment record, the bank may ask that you enter into a Rental Assignment, which essentially gives the bank a right to receive rental payments from the tenant directly in case you default in repayment.


For your own protection, it is best to obtain the written consent of the bank (instead of a verbal confirmation over the phone).



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