Renting out house- mortgage issues?

sunnyhunny

Hi all,

I know there are buy to let mortgages when you are buying a new house to let but if you want to let your existing house do you have to change your mortgage?

We have a Nationwide Tracker mortgage with 4+ years tied in to go so cant change it I wouldn't think.

Is letting out a mortgaged house easy to arrange in terms of the mortgage?

Thanks.

Booradley_2

You will need to ask your lender. If they refuse you will have to change your mortgage to a BTL.

Boo

socrates

What you are looking for is 'consent to let'

Others on here will know how Nationwide view this.

It will depend upon LTV and coverage of mortgage by rent and your earnings.

moonwolf_3

i have just returned a consent to let form from nationwide.
picked form up from branch and they faxed it to head office.
been told will hear if permisson granted within 5-10 working days.
also told that nationwide allow if granted permission to rent out for 3yrs then will have to change mortgae to buy to let.. but i dont hink nationwide actually do a but to let mortgage!

however whan i rang head office was told that the intitial permission form withh give 3yrs aftern then will be sent another one to fill in.
so conflicting advice there!

saineegan

I'm currently with Nationwide on a 2 year fixed deal from June 2007 and rented out my house in Jan 2008. They were very good - all we did is inform them of this and they allowed us to rent out the house for 3 years without any charge or changes to the mortgage deal.