Informing Lender of property let

macessex

I have a Woolwich 5yr fixed rate (4.89%) Openplan flexible mortgage, which was for 130k at the time of purchase (Jan 06). The balance on the mortgage now is £118k.

I am moving abroad in the next few months, for work, and rather than sell the property in the current market, I would like to let the property and I have a few questions.

1) Should I inform the Woolwich that I will be letting the property?
2) Would I be subject to additional charges for this change (any ideas how much this will be?).
3) Am I better off sticking with this mortgage or are there advantages of switching to something else early.

Any help would be gratefully appreciated.

Thanks

betmunch

1) Yes
2) Probably (Likely to be about the £250 mark or under)
3) Probably - You should sit down with a Mortgage Consultant to be sure.

Hope this helps

Cheers

silvercar

Do you have a plan B if they say no? If not I wonder inquire without giving your name initially.

opinions4u

macessex wrote: »

1) Should I inform the Woolwich that I will be letting the property?

No. You should ask them if you can. If you let it without consent they could potentially repossess it.

2) Would I be subject to additional charges for this change (any ideas how much this will be?).

Almost certainly. It may also impact the mortgage product that you currently have.

3) Am I better off sticking with this mortgage or are there advantages of switching to something else early.

Depends. See a broker.