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Abbey mortgage - permission to rent property?
goosander
Posts: 97 Forumite
I currently have an Abbey Flexible Plus tracker mortgage at BOE + 0.49% for life and may need to move abroad for work for a couple of years, so would need to rent out my house.
Does anyone know how Abbey are likely to respond to a request to rent the property, the T&C's suggest that they may vary the interest rate, so I'm guessing that it may a punative increase (especially as they can't be making any money out me on my current deal).
Does anyone know how Abbey are likely to respond to a request to rent the property, the T&C's suggest that they may vary the interest rate, so I'm guessing that it may a punative increase (especially as they can't be making any money out me on my current deal).
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Comments
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You need to ring them and ask.0
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It was always the case that you were not allowed to keep the Flexible Plus mortgage when you wished to rent the property out. However, speak to the Mortgage Centre - they allowed my customer to keep it and pay a fee. Can't remember exactly how much it was, but it was worth it to keep the excellent rate of interest.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
OK, will ring them.
Just wondering though, if you don't tell them you are renting the property and they find out, what is the worst they can do to you? Would they try and levy exhorbitant fees or would they possibly insist on immediate repayment in full of the mortgage?0 -
If you do a search for something like 'consent to let' this has been discussed a few times recently.0
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