moving out of my first-time-buy

matinthealps

i want to move out of the flat i bought a few years ago and have been making steady overpayments on.

but i don't want to change my mortgage - i'm on a nice + 0.49% tracker with unlimited overpayments.

i'm moving to rented accommodation - and i know 'technically' i'm not allowed to rent out my bought place without notifying my lender, but i'm terrified they'll force me onto a buy to let which will cost ten times as much, making the whole thing financially pointless.

has anyone had any experience with telling their lender they're letting the place, and being told 'oh that's ok, you can keep your original mortgage terms and conditions' - or not?

Mrs_Bumble

Why are you moving out?

Lenders can be ok if the letting is a temporary measure, maybe because of being posted to different area with work etc, if they think that it is more permanent and you are going to do it for profit then they are likely to increase your existing interest rate or switch products.

Who is the lender?

You can make a hypothetical enquiry to the lender and ask in principal what is the process without telling them who you are etc.

If you are going to be letting the property out don't forget that this is an income that you will have to declare to the tax man and so you will have to register it as such and keep accounts etc.

matinthealps

the move out is because i have taken work overseas. it'll probably be temporary but at the moment it's indefinite.

the lender is HSBC.

thanks for the advice the annonymous enquiry is i feel the way to go.

and don't worry - yes i'm keeping up to date with my UK tax obligations! the 'lenders permission' is the last chink i'm trying to iron out.

Mrs_Bumble

Good luck!

matinthealps

ok thanks to Mrs. Bumble's advice I took the plunge and called HSBC. In case anyone else is thinking of doing this, the general policy seems to be that if your mortgage is more than 6 months old and you've never been in arrears, they will consent to a tenant moving into the flat for a 12 month period. After 12 months the situation is re-evaluated, but for the time being interest rate and conditions remain unchanged.