Renting out on a Residential Mortgage

Woodstock101

Just over a year ago I bought a flat on a 105% LTV mortgage to live in. Shortly afterwards my job relocated and I wanted to rent out my flat and lodge with a friend near work. My mortgage forbid me to rent it out but I told them my circumstances and received one year's permission to rent it out.

The year's permission is about to end and I have received a letter asking me to confirm my intentions and reminding me that I cannot continue to rent the flat out.

I have now changed job so could live back in the property but I am happy where I am and my tenants want to renew their contract.

The tenants have paid their rent every month, the mortgage has been paid every month, I do not have another mortgage and am not committed to paying rent on my current accommodation.

Due to negative equity I cannot remortgage so unless I get permission to rent the property again on my current mortgage I will have to move back into the property. I would prefer to stay as I am as this enables me to overpay my debts.

What is the likelihood of my mortgage company agreeing to renew the permission? What is the best way to approach them?

Any help greatly appreciated, thanks.

_Andy_

Ring them and ask - they'll tell you straight away.

plane_boy2000

Likely they will let you I would have thought.

koexelek

plane_boy2000 wrote: »

Likely they will let you I would have thought.

If they have any sense they will...... but then lenders often don't :rolleyes: