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Asking permission to rent from mortgage lender

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xebex
xebex Posts: 4 Newbie
in House buying, renting & selling
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!

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    xebex wrote: »
    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.
  • xebex
    xebex Posts: 4 Newbie
    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 :(
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 3 January 2011 at 1:25PM
    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.
  • BitterAndTwisted
    BitterAndTwisted Posts: 22,492 Forumite
    10,000 Posts Combo Breaker
    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.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    xebex wrote: »
    well, i'll be going through an agent so i'll have to do whatever they tell me i guess.

    :(
    Reading this again I realise just how mistaken you really are. What you should be saying is:

    "i'll be going through an agent so they'll have to do whatever I tell them i guess."
  • Hammyman
    Hammyman Posts: 9,913 Forumite
    xebex wrote: »
    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? Or will they put conditions on it, maybe raise my interest rate or charge me fees?
    Mine said no. Many do. If you let it out without their permission and they find out, they can foreclose on the mortgage.
  • SuzieSue
    SuzieSue Posts: 4,109 Forumite
    Part of the Furniture 1,000 Posts Name Dropper I've been Money Tipped!
    Hammyman wrote: »
    Yes.

    Mine said no. Many do.

    Did they give you a reason why they wouldn't allow you to let your property out?
  • tbs624
    tbs624 Posts: 10,816 Forumite
    BitterAndTwisted wrote: »
    How trapped can you really be if you're considering sodding off and travelling?
    LOL @ B&T - feeling a bit "grey and cold new year"?;)
  • Trollfever
    Trollfever Posts: 2,051 Forumite
    Identification 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.
    http://www.experian.co.uk/consumer-information/mover-alerts-information.html
  • tbs624
    tbs624 Posts: 10,816 Forumite
    Thanks for that Trollfever - a link to your post has been added to two of the stickies
This discussion has been closed.
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