Advice needed on Mortgage - please help!!

SusieHo

I split up with my boyfriend over a year ago, his name is still on the mortgage as I could not afford to take him off and take on the mortgage on my own, when we bought the house and applied for the mortgage I was in a higher paid job, but, thinking I was secure, opted for a lower paid job doing what I wanted to do but having to start at the bottom.
The 3 years are now coming to an end and we both want his name off the mortgage, I have been paying the mortgage in full and on my own since February but moved out in September as I was struggling and now rent it out, I found out today that I needed to ask permission from my lender for this?? I am really doubtful that I will be accepted for the full amount on my own - I put down a biggish deposit and have about 82k outstanding on it, I am paying interest only at the moment and making about £380 from renting it out after paying the mortgage. I am on a variable rate at the moment and I want to move back within the next year.

My main questions are:

Should I ask for a buy to let and where do I stand if I want to move back in?
Do I have to tell my lender that I am renting it out?
Do I have to declare to anyone eg. Tax man that I am renting it out?
What are my options if my current lender reject me, buy to let or otherwise??

Much appreciated desperado!!

cattie

I can't answer all your questions, but you need to ask for consent to let from your lender as you are renting out. This covers you for renting it out & means you are able to just move back in when you are ready to on your existing mortgage.

Yes the income from the rent would be taxable, but I believe there are expenses you can offset against this. Somebody more knowledgeable than me will be able to advise you about this.