Asking permission to rent from mortgage lender
xebex
Posts: 4 Newbie
Hi,
Am looking into renting out my flat so I can go traveling.
Do I HAVE to ask permission from my mortgage lender? And if i do will they just say yes? Or will they put conditions on it, maybe raise my interest rate or charge me fees?
Or is it simply just a case of letting them know what i'm doing with the flat.
Any info will be much appreciated
Thanks!
Am looking into renting out my flat so I can go traveling.
Do I HAVE to ask permission from my mortgage lender? And if i do will they just say yes? Or will they put conditions on it, maybe raise my interest rate or charge me fees?
Or is it simply just a case of letting them know what i'm doing with the flat.
Any info will be much appreciated
Thanks!
0
Comments
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Hi,
Am looking into renting out my flat so I can go traveling.
Do I HAVE to ask permission from my mortgage lender? Yes. And if i do will they just say yes? Maybe. Or will they put conditions on it, Maybe maybe raise my interest rate or charge me fees? Maybe
Or is it simply just a case of letting them know what i'm doing with the flat. No
Any info will be much appreciated
Thanks!
Same with your insurer.
And you WILL be complying with the other 249 laws and regulations governing tenancies won't you?
Read this book.0 -
well, i'll be going through an agent so i'll have to do whatever they tell me i guess.
Not really sure how financially viable this will be for me!
feel so trapped
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DO NOT JUST TAKE AN AGENT'S WORD AS GOSPEL! There is no regulation of the industry and anyone can become an agent. So make sure
a) you pick a professional agent who know what they are doing
b) you understand they are just an agent. Your agent. Acting on your behalf. That means, if they make a mistake, YOU are responsible because they are acting for YOU. As a landlord you cannot shrug off your legal responsibilities by saying "it was my agent's fault'.
You need to learn what is involved with renting.
A good book on renting like the one referred to will also show you how to budget. What costs you'll have. How to manage your tax etc etc READ IT.0 -
How trapped can you really be if you're considering sodding off and travelling?
Please bear in mind how you'd be fixed if your tenants stopped paying the rent while you're thousands of miles away and it takes six months or more to evict them, all the while not receiving a penny in rent and incurring costs to have the place maintained and repaired on your behalf.0 -
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Yes.Hi,
Am looking into renting out my flat so I can go traveling.
Do I HAVE to ask permission from my mortgage lender?
Mine said no. Many do. If you let it out without their permission and they find out, they can foreclose on the mortgage.And if i do will they just say yes? Or will they put conditions on it, maybe raise my interest rate or charge me fees?0 -
LOL @ B&T - feeling a bit "grey and cold new year"?;)BitterAndTwisted wrote: »How trapped can you really be if you're considering sodding off and travelling?0 -
http://www.experian.co.uk/consumer-information/mover-alerts-information.htmlIdentification of undisclosed Buy-to-Let risk
When a customer lets out their home without advising their mortgage lender, it means the debt is incorrectly priced and risk is increased. Getting early notification of properties to rent with Mover Alerts allows the lender to be proactive in protecting its position.0 -
Thanks for that Trollfever - a link to your post has been added to two of the stickies0
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