Consent to let

You may want to let out your property for a short period of time. We allow customers to let property, providing they adhere to the following criteria:

• We only accept Consent to Let applications on an Execution Only Basis. This means that The Co-operative Bank will not give any advice or assess the suitability of this change to your mortgage.
• There will be a 1% loading to the interest rate on your mortgage if consent is granted.
• We will carry out some eligibility checks and if eligible, we will send an application pack for you to review.
• If Consent to Let is granted, this is for a maximum period of 12 months. 
• The Consent to Let application fee is £100. This fee can either be paid up front or added onto your mortgage. The fee is non-refundable should you decide not to return your application (Tariff of charges). If you choose to pay the fee up front, you need to call us on 0800 288 288 to make the payment. Interest will be charged on any fee added to the mortgage balance.
• You cannot make any non-lending variations to your mortgage whilst the property is being let out, this includes switching products.
• No further borrowing or payment holidays are allowed while the property is being let
• If you are in the Armed Forces, please note the fee and loading rate are not applicable, however please proceed in submitting your application.

Please read the below carefully before proceeding

The property must be let on:

• an Assured Shorthold Tenancy (AST)
• an Occupation Contract for Wales
• a Private Residential Tenancy (PRT) for Scotland
• For England and Wales, the tenancy must be for a minimum of 6 months and a maximum of 12 months. 
• For Scotland, a minimum or maximum term does not apply for a Private Residential Tenancy. 
• For Northern Ireland, we are unable to allow Consent to Let requests
• If you have changed your address, please contact us on 08000 288 288 to update your address or you can change your address online here. If you haven’t moved at this stage, you can update your address on the application form we will send out
• If you have money in your mortgage overpayment fund, these funds need to be withdrawn before you submit an application. We will contact you to inform you of the options after you have submitted a Consent to Let request form.

Eligibility

• The mortgage should have been in force for at least 12 months
• The mortgage must not currently be in any arrears
• Your Loan to Value must be 85% or lower
• Rent to be no more than £100k per year (£8,333 per calendar month)
• Monthly rental income should cover 125% of the interest only mortgage repayments at tenancy rate (i.e. current rate plus 1% loading)
• You must take out separate Landlord Property Insurance
• If the property is Leasehold you must obtain any consent that may be required under the lease for letting the property and any insurance requirements specified in the lease must be adhered to.
• The property must be let to single occupancy or a family household, not multiple occupancy or students.
• The property must not be let to immediate family members (Spouse/Siblings/Parents etc)
• If your mortgage is Shared Equity or Shared Ownership you must provide written evidence from your scheme provider confirming they consent to you letting the property.

You must wait for our consent before letting the property. If you let the property without our consent or approval you will be in breach of your mortgage terms and conditions. We will be entitled to commence proceedings for possession of the property.

If you would like to request consent to let out your property, please submit via our online form.

Or alternatively, please call us on 08000 288 288. (Call charges)

If you need to update your correspondence address as part of your consent to let application, you can submit your request online.