Can I let my property?

If you want to let your property, instead of living in the property, you’ll need to get permission from us first before letting.

It's worth noting that you cannot switch your mortgage deal, take additional borrowing, complete a term change or add/remove a borrower once your property is let.

The Government has guides available for prospective landlords, called ’How to Let' and ‘How to rent’, they contain advice you may find useful.

What fees and charges will I need to pay?

It's useful to remember that we will add 1% to your current interest rate.

Applying for permission to let your property 

If you'd like to let out your property, you'll need to get permission first, by filling out a Permission to Let form.

We’ll give you reasonable notice of any change to the additional letting interest rate and let you know about any changes by changing our Tariff of Charges.

Tax relief changes for landlords

If you’re currently letting out a property with a mortgage - or thinking about doing this - there was an important income tax change in 2017 which you need to be aware of.
Please note, this change applied to residential lettings only; different tax rules apply for commercial and furnished holiday lets.

In the 2016/17 tax year, when calculating your taxable income you could continue to deduct most costs from rental income. Allowable costs include mortgage interest, but exclude capital costs such as improvements and any capital repayment element of your mortgage payments.
This changed from 6 April 2017. The new rules take full effect from 6 April 2020, but since 6 April 2017 the changes have been phased in by 25% a year until 2020/21 with a mix of the old and new rules used when calculating your taxable income and tax liability.

Under the new rules, you can no longer deduct finance costs (such as mortgage interest, mortgage arrangement fees, interest on loans to purchase furnishings) from rental income when calculating your taxable income. Instead, you'll get the basic rate (currently 20%) deduction of these costs from your tax liability.

This may mean some of your income moves into a higher tax band, as your taxable income could increase. Further information on these upcoming changes can be found on GOV.UK.

No information on this site should be taken as tax advice. For advice you should consult with an independent tax adviser.

How do I apply to let my property?

Step 1

Decide to let your property.

Step 2

Request a 'permission to let' form by calling us on 03457 30 20 11.

Step 3

Complete and return the form to us by post, making sure all borrowers have signed it.

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