Buy-to-let at risk as tenants demand to see mortgage permission
Tenants are increasingly asking to see the landlord’s permission from the mortgage lender to allow a residential property to be let.
This is a particular problem for ‘amateur’ landlords – for example, those who choose to let their property until they can find a buyer – many of whom do not ask the lender’s permission to let, as this would almost certainly involve an increase in their mortgage costs.
Why are tenants concerned?
Tenants can find themselves vulnerable if they rent from a landlord who has no permission from the lender to rent out their home. If the landlord defaults, the tenants can find themselves homeless and forced to find a new rental property.
Read the full story at Citywire Money
RentPro property management software allows you to store copies of documents in relation to not only properties and tenants but landlords also thus allowing you to keep a record of a landlords lenders’ consent to letting.