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Do I need to inform lender I let my house out?
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Read:
Tenancies in Eng/Wales: Guides for landlords and tenants
Topics covered:
* Repairing Obligations, (draft in progress to include new 1/10/15 rules banning retaliatory eviction)
* Deposits: payment, protection and return
* Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?
* Rent increases: when & how can rent be increased?
* Repossession: what if a LL's mortgage lender repossesses the property?
* New landlords: advice, information & links
* Letting agents: how should a landlord select or sack?0 -
arrgh yes, such innocence. Don't forget to ask on here for further advice when it all goes wrong and the tenant refuses to move out when your contract says they "must"Ideally tenancy would be the length of time I am away which would be in the contract so there would be no disagreements.0 -
Hi all
I planning to go travelling for 6 months and so would like to rent my house to tenants whilst I am away? Do I need to let the mortgage lender know that I'm renting to tenants? As long as the mortgage being paid will they care?
Thank you in advance.
You're forgetting that the lender 'owns' part of your property and will continue to do so till you pay all that money you borrowed back.
Look at it this way, say you own a car, and you left it with me for six months while you went travelling. During that six months I loaned your car to someone else. When you came back it had 10k extra on the clock, and a tiny dent in the passenger door. And I kept all the rental money, never had a service done. Now you wouldn't find that a problem would you, or would you?
Cheers fj0 -
A close friend of mine has had consent to let on a property for 2 years (had to renew it each year). Made no difference to the mortgage rate whatsoever. This was with the Halifax.0
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You do realise there are only two ways a tenancy can legally be ended?
1) the tenant gives notice and leaves
2) a court ends the tenancy
A landlord cannot end a tenancy (whatever the tenancy agreement says).
A landlord cannot evict a tenant (only a court can).
You have a lot of information provided above (see post 12 and click!). Start reading!0 -
You do realise there are only two ways a tenancy can legally be ended?
1) the tenant gives notice and leaves
2) a court ends the tenancy
A landlord cannot end a tenancy (whatever the tenancy agreement says).
A landlord cannot evict a tenant (only a court can).
You have a lot of information provided above (see post 12 and click!). Start reading!
..and most tenants want more than a six month lease, you would probably have to make the rent very competitive IMO to get someone for this short a time.0 -
Have you actually asked or looked up on their website what the bank will charge you for consent to let?
I know Santaner and Halifax charge a small one off fee.
Nationwide is £50, then no extra charges for 6 months...after that they put 1% on your monthly payments.
May not cost you as much as you think0 -
3) The parties bilaterally agree and a surrender is entered into.You do realise there are only two ways a tenancy can legally be ended?
1) the tenant gives notice and leaves
2) a court ends the tenancy
A landlord cannot end a tenancy (whatever the tenancy agreement says).
A landlord cannot evict a tenant (only a court can).
You have a lot of information provided above (see post 12 and click!). Start reading!0 -
Food for thought to the OP, you could rent a room for £350 per month without mortgage permission and without tax return headaches.
You would need to tell your insurance as another person will be living in the house.
My reasons for this route are if you get someone in before you go you can decide if you trust them to live there for 6 months without you then its a whole lot easier to get rid of a lodger than removing professional tenants (or even tenants who have no where to go so getting evicted is better for them)
The £350pm would probably work out the same by the time you take out letting agency fees, increased mortgage costs, gas & elec safety checks etc.
This route could have as many problems as renting out but everything in life is a risk!0 -
I got one years consent to let from HSBC without any penalty. I just wrote them a letter near the time I was moving and got it back about 10 days later.0
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