How to rent out my house

Gemma1234

I wonder if someone can help me. I bought my house nearly two years ago and i am now wanting to rent it out to a friend so that i can move away with my partner. At the minute i have a fixed rate interest only mortgage which comes to an end in November, when i move away i was hoping to give up work but does this mean that i wont be able to get a new mortgage, and which type of mortgage will i have to get to be able to legally rent out my property - i have no idea how to go about this at all.....Please help!!

poppy10_2

Best to remortgage now, on a standard residential mortgage, and then get consent to let from your lender.

G_M

Renting to a friend can work well - but can be fraught with danger too. Beware. You could lose a friend and cash too if things go sour.

If your friend loses his/job and stops paying the rent it is a very difficult situation to handle for example.

Much safer to have a stranger, and a purely professional relationship with your tenant.

Millburn_farm

I'd sort the mortgage Now

As for renting to a friend:eek: sit down and write a really good tenancy; lodge it with a solicitor and be prepared to loose a friend sorry; your needs and the friends needs aren't the same; simply the dynamics of you LL and them tenant will alter the friendship 95% of the time, and if your friend is crap with money


My best mate and I live in different time zones (just 20 miles apart :cool:) but we aren't dependant; if she was paying me rent; my 10am monday being more like her 3pm wednesday would upset my paying the mortgage; thus our friendship, and I have had friends who would see 2 weeks late as normal