Renting house to council

montzarella

Howdi,

We are in the process of trying to get one of our houses rented to the council on a ten year term, one of the things that the council requires is a letter from your mortgage lender "stating that it is satisfied for owner/applicant to enter a lease agreement for the unit (s) with the Local Authority (where a mortgage exists)".

So we rang Permanent TSB, spoke to a guy who told us he would take care of it and would send us the letter.

Yesterday in the post we get letter from TSB and a "Standard Financial Statement" form (more of a booklet really, good few pages)... Now this form wants us to list out all of our income and expenditure and the statement at the end of the form where I am supposed to sign says that i agree that this information will be used for the purpose of P. TSB to assess my financial situation under the mortgage arrears resolution process???

We're not in arrears with the mortgage and never have been, they also asked in the letter where we were going to live and what the rent would be in the new place. I just want a letter from them to state that they are ok with the leasing of the house to the council.

To clarify living arrangements, both myself and my other half had bought houses before we got together, we want to rent one house and live in the other, we have totally separate mortgages, neither mortgage is in arrears and never have been.

Has anyone else got this from their mortgage provider? Was it hard to get? Did you have to fill out a standard financial statement form? I think they have totally misunderstood what I asked for, and think I am in arrears. Jeez, all they have to do is look at the mortgage account and see that its not in arrears!

Thanks.

montzarella

anyone...?

Gautama

Short answer, no, but I'm not with PTSB.

But, I'm wondering, the property you are about to rent out, what type of mortgage is on it? Is in a FTB, Owner Occupier, But To Let? If it's not the latter, or is not a mortgage that will permit rental, you may have to re-mortgage.
So if you've a desirable mortgage rate, e.g. a tracker, you may lose this.

montzarella

Hi,

Its an owner occupier and it is a tracker...so yes, im facing up to the fact that we may lose this. I just want the letter from them, im not sure why they want me to fill out the form as there are no arrears

kkelliher

did you ring them again as the initial person may simply have misunderstood what you were looking for and sent you the wrong form

murphaph

obviously a misunderstanding. Contact them again OP. If you're going to lose your tracker just in order to get this letter, think about not bothering with the RAS and just let out as normal. The loss of the tracker will cost you substantially and is best avoided if possible IMO.

Gautama

murphaph wrote: »

If you're going to lose your tracker just in order to get this letter, think about not bothering with the RAS and just let out as normal. The loss of the tracker will cost you substantially and is best avoided if possible IMO.

I think the only guarantee of not losing the tracker is not moving out.
Check your mortgage agreement.

montzarella

I got a letter from the bank to tell me that they do want the standard financial statement filled out, that it is to be completed for all long term leases, it does not relate directly to the leases, however it will be required for their credit area to review the case?

What does it matter to their credit area how much I spend on food each month, or car tax or insurance etc???

I think this is an excessive information request for what i requested from them, i am going to tell them i consider it a breach of my data protection rights. im really quite annoyed now over this.

i also asked for a copy of my mortgage contract, and all i got was the "letter of approval - particulars of mortgage loan" , its only 3 pages. Shouldnt there be many pages of terms and conditions attached that form part of the contract? I want a copy of the contract to see what it says in relation to the tracker. Buggers.