want to let - do I need to change mortgages?

yorkie064

I want to let my flat as my employer has offered free accommodation above the business, employer is family.

The letting agent says I need to change my mortgage to a 'Buy to Let' the girl I spoke to at Abbey had no idea whether I needed to or not!!

I may only be there 6 months or a year depends how it works out. Surely I shouldn't have to change my mortgage...what do you guys think/have experience of?
Cheers
Dave

Cannon_Fodder

You can try asking for consent to let, but that depends on your Lender and the time you've been in the flat so far.

If it ends up being long-term, or at re-mortgage time, you will probably be asked to do BTL.

NEH

My husbands lender is letting us let, we have to just pay the admin charge of £250 which is fairly standard....

It's just a case of ringing the people that deal with your mortgage to ask for advice, some do some don't, no set rule all depends on your mortgage and company.

Ladybird20

I do have my properties on BTLs. Does anybody ever check that they have a BTL mortgage as i bet it would do away with amateur or landlords of convience/circumstance.Too many ppl move out their homes , let it out and take a nice some of money without letting Inland Revenue know.I would welcome that rule that All props are checked.......I have never been asked in all my 11yrs of letting.....

yorkie064

Thanks to everyone who replied at this busy time of the year

I'll contact Abbey in the New Year and see if I can speak to someone more knowledgeable.

Cheers and a Merry Christmas

gld73

Abbey does require you to have a Consent to Let - I had a house which I rented out for a year after I had to move with work, and it had an Abbey residential mortgage. At the time the letting started, I could cover the mortgage myself, I didn't need the rent and so didn't consider it necessary to get the Abbey's consent to let. Alas, they disagreed! There isn't a fixed fee for this, it must depend on the property and value of the mortgage I assume - people were saying it would only cost £100 or £250, but Abbey charged me about £700 which shocked me.