Residential policy
Residential mortgage customers can seek permission from us to let their property on a temporary basis subject to the following conditions:
- The mortgage must be at least 6 months old (except where the customer is a member of the Armed Forces)
- Maximum LTV 80%, subject to usual maximum loan and LTV criteria
- The maximum period we can agree is 12 months. Customers can apply for an extension at the end of that period
- Lodgers/holiday lets are not acceptable
- The minimum rental income is 125% at the higher of 5% or pay rate + 1%
- Personal income cannot be used to support the affordability assessment
- We require confirmation of rental income from a reputable letting agent or a copy of the tenancy agreement
- There is a fee, currently £125, for each consent to let that is granted