If you want to let out your home for a while without switching to a buy-to-let mortgage, consent to let may be the answer. This guide explains consent to let: what it is, when it is used, how it differs from a buy-to-let mortgage, and the important point that you must ask your lender rather than simply letting your home.
What consent to let is
Consent to let is permission from your existing lender to rent out your home while keeping your residential mortgage, rather than switching to a buy-to-let deal. It is usually granted for a limited period and for specific situations, allowing you to let your home temporarily without remortgaging. It is a practical option for short-term letting, sitting between living in your home and a full buy-to-let arrangement.
When it is used
Consent to let is typically used for temporary or unplanned letting: moving away for work, moving in with a partner, struggling to sell and letting in the meantime, or other short-term reasons. People in these situations, sometimes called accidental landlords, want to let their home for a while without committing to a buy-to-let mortgage. Consent to let suits these temporary circumstances, where a permanent change is not intended.
How it differs from buy-to-let
Consent to let keeps your residential mortgage with temporary permission to let, while a buy-to-let mortgage is a different product designed for renting out property longer term, as our guide to buy-to-let mortgages explains. It also differs from let-to-buy, where you remortgage your home onto a let mortgage and buy a new one, as our guide to let-to-buy explains. Consent to let is the lightest-touch, shortest-term option.
It is usually time-limited
Consent to let is generally granted for a limited period, after which you may need to renew it, switch to a buy-to-let mortgage, or stop letting. The lender may charge a fee or apply a small increase to your interest rate while consent is in place. Because it is meant for temporary letting, it is not a permanent solution, so for ongoing letting a proper buy-to-let arrangement is usually required.
You must ask the lender
Crucially, you must get your lender's consent before letting a home on a residential mortgage; you cannot simply rent it out. Letting without permission breaches your mortgage terms and could have serious consequences, including the lender demanding repayment. So if you want to let your home, even temporarily, asking your lender for consent to let is essential, rather than quietly letting and hoping it goes unnoticed.
Insurance and tax still apply
Even under consent to let, the practical and legal sides of being a landlord still apply: you need appropriate landlord insurance rather than standard home insurance, the rental income is taxable, and your legal responsibilities as a landlord apply, as our guide to buy-to-let tax explained explains. Consent to let changes the mortgage permission, but it does not remove the duties and costs that come with letting a property.
When you need a buy-to-let instead
If you intend to let your home for the long term, or to buy another home and keep the first as a rental, you will usually need a buy-to-let or let-to-buy mortgage rather than consent to let, as our guide to remortgaging to a buy-to-let explains. Consent to let is for temporary situations, so once letting becomes permanent, switching to the appropriate mortgage is the correct route.
How to apply for consent
To get consent to let, you contact your lender and request permission, explaining your circumstances and how long you expect to let the property. The lender decides whether to grant it, for how long, and on what terms, which may include a fee or a small rate change. Applying properly, rather than letting first and asking later, keeps you within your mortgage terms and is the correct way to arrange temporary letting.
Accidental landlords
Consent to let is often used by accidental landlords, people who did not set out to let but find themselves needing to, perhaps because they cannot sell, are moving in with a partner, or relocating for work. For them, consent to let offers a way to rent out their home temporarily without committing to a buy-to-let mortgage, which suits an unplanned and possibly short-lived letting situation.
Consent to let and moving
If you are moving but not selling, consent to let can let you rent out your old home for a while, though for a longer-term arrangement you would usually move to a let-to-buy or buy-to-let mortgage, as our guide to let-to-buy explains. Consent to let bridges the short term, while a proper let mortgage suits keeping the property as a rental for the long run.
What if the lender refuses?
Your lender is not obliged to grant consent to let, and may refuse or only offer it on certain terms. If consent is refused, your options include remortgaging to a buy-to-let or let-to-buy mortgage, or not letting the property. Because letting without permission breaches your mortgage, it is important to respect a refusal and find a proper alternative rather than letting anyway, as our guide to buy-to-let mortgages explained explains.
Staying within the conditions
If consent is granted, it usually comes with conditions, such as a time limit and possibly a rate change, and you must stay within them. Letting beyond the permitted period without renewing, or breaching other conditions, could put you in breach of your mortgage. Keeping track of when your consent expires, and acting before it does, ensures you remain compliant and avoid problems with your lender.
Reviewing your position
Because consent to let is temporary, it is worth reviewing your position before it ends: do you want to keep letting, move back in, sell, or switch to a buy-to-let mortgage? Planning ahead avoids being caught out when consent expires. Treating consent to let as a temporary arrangement with a clear end point, and deciding your next step in good time, keeps your mortgage and your letting on a sound footing.
Consent to let versus letting in breach
It is worth being clear about the difference between letting with consent and letting in breach of your mortgage. Letting without permission can invalidate elements of your mortgage and insurance and breach your terms, whereas consent to let keeps everything above board. The small effort of asking your lender is well worth it to avoid the serious risks of letting in breach, so always seek consent before renting out a home on a residential mortgage.
In short, consent to let is the simple, proper way to handle temporary letting, and treating it as a short-term permission with a clear end point keeps both your mortgage and your letting on solid ground.
In short
Consent to let is your lender's permission to rent out your home temporarily while keeping your residential mortgage, suited to short-term or unplanned letting such as moving for work. It is usually time-limited and may carry a fee or rate change. You must ask your lender first, as letting without consent breaches your mortgage. Landlord insurance, tax and legal duties still apply, and long-term letting needs a buy-to-let mortgage.
Where to get help and next steps
Read our guides to let-to-buy, buy-to-let mortgages, and remortgaging a buy-to-let. This is general information, not mortgage, tax or financial advice.