Renting as a second option

mum_to_be_2

We have had our house on the market since January and so far had only a handfull of people to view resulting in no offers. We are expecting our first child and for this reason want to relocate. The baby is due in August and we thought about putting our property up for rent if selling reaches a dead end by june. HOWEVER, our mortgage company say that they are not insured for us to rent our property. Is this legal and is there anyway around this situation? We have never missed a mortgage replayment and would take care of landlord duties ourselves. I have heard of other mortgage companies relaxing their policies in this climate of a stagnant market. Any advice would be greatly appreciated! Thanks

TEDDYRUKSPIN

Your mortgage company is basically telling you that you will not be able to obtain tenancy buildings insurance on the building due to it being a residential mortgage. Even if you do, upon making a claim the company will not pay out.

Mortgage companies are not catching on the fact that many customers are doing this to save money. The companies want you to convert to the buy to let mortgage. Also the government is too and will start to make plans to make sure that each rented house is registered for them to track your taxes. LOL.

My question is why can you hold on and stay put? Are you living in a one bed flat?

dimbo61

Even if you are living in a one bed flat babies do not take up much room for the first year or two.
Tidy up the prooperty and clear any items you no longer need or want.
attend to any repair/painting that needs doing and hope you sell this summer GOOD LUCK