letting a house without buy to let mortgage

joe238

hi everyone. i have had a mortgage for a year and a half. after a change of relationship situation i am sick of living in my quiet suburb and want to be in the center and have things to do etc. i dont have a buy to let mortgage - is there anything to stop me renting out the house and moving somewhere else for a bit?
thanks

_Andy_

Contact your lender and see if they will give you consent to let (i.e. retain residential terms but letting the property out)

emmahane

abbey will allow you to keep your current house with your existing lender on a residential and take out another with them, so will natwest

joe238

thanks people!

andy, im a bit worried that if they dont then i have given the game away - and i might have got away with it having not mentioned. is there any way to find out without asking them?

emma, just to be clear i was going to rent the second place. but isnt it illegal to have more than one residential mortgage?

emmahane

no we have applied for a mortgage with abbey, we already have 1 property on residential which we rent out and another on buy to let, abbey are still willing to give us another residential as long as we prove that the rental income is covering the other mortgages, hope this helps

caggs273

Hi this is my 1st posting (I think! I thought I did one a few mins ago, but I can't find it!) Abbey want £297 to see if I can let my property and told me today that it was illegal to have 2 residential mortgages!

happybroker

it's not illegal to have 2 residential mortgages so don't worry about that, seems you may have managed to get one of the many people who work at Abbey these days who don't have the faintest idea what they are talking about!

Not seeking the consent of your lender and then letting the property out is not a good idea (no doubt there will be a few who come on here now tell you it is!!). Firstly, you will be in breach of your mortgage conditions, secondly your tenancy agreement could well be unenforceable, thirdly your insurer may have issues, fourthly their are laws to protect tenants against this sort of thing........the list is long.

Honesty is always the best policy where mortgage lenders are concerned, I've seen it go very wrong for a good number of people over the years so take care.