Can I let on my current mortgage?

OxfordRob

Hi,

Having recently got engaged I am looking at all that is involved with letting out my 1 bedroom flat and moving in to my fiancees house.

I have 18 years left on my current Woolwhich mortgage which is on a mega good 1.45% at the mo due to the BBR being so low.

Being new to all this what do I need to do (for everything really but let's start with...)

Can I carry on with the mortgage I currently have or do I need to change it?

Do I need to tell the bank?

Do I need to change my insurance?

What happens with Council tax and all that?

Any pointers where to start really?

Thanks Rob.

Gwhiz

You will need your mortgage company's agreement for this. They may insist you change to a BTL mortgage which would be more expensive.

You also need special house insurance.

Council tax is paid for by the tenant,

theartfullodger

You also need loads of other things... Corgi cert, tell the HMRC, a thick skin, probably membership of a Landlord's association, and understanding of the workings of the mind of a tenant..

There's shedloads of threads with advice on this one...e.g.
http://forums.moneysavingexpert.com/showthread.html?t=1635899

Woolwich do do B2L mortgages - I have one - but what their attitude to you will be dunno. Don't be tempted not to tell them!

Cheers!

Lodger

OxfordRob

The flat is all electric so at least the Corgi / gas bit is not an issue and it is neatly presented with all good equipment and furnishing as for 7 years I have lived there. This weekend we were giving it a spruce up on the paintwork so almost at a stage where I need to start the bit I have been dredding.

I will definately speak to the bank and check the other threads out but only want to do the bank bit when we really are good to go as the deal I am on at the moment is just too good to lose if I can avoid it.

Cheers

theartfullodger

Not sure if it is in the other threads: Your Landlord's insurance probably requires you to have had the electrics certified...Suggest you read the policy wording when you get that far.

The consequences of not having a cert. & there being, say, a fire are not attractive (apart from the bad publicity in court when there is the inquest into the death of the 2 visiting children ,, or some other circumstance...)

Prepare for the worst...

Cheers!

Lodger

Cheers!