renting out your own home on a nationwide mortgage

redhead123

Hi

Does anyone rent out their own home (residential) and is with Nationwide?

Am thinking of renting out my small 2 bed house and moving in with my partner. At present I'm with Derbyshire who were taken over my Nationwide. I'm wondering if you're allowed to do this on your mortgage? My fixed rate ends this June and so I'll be looking to remortgage. My work contract also ends in November though - although hoping to continue it - so wondering what kind of questions they might ask? If mentions about 'individual circumstances' and I'm worried if I mention the job that may put an end to me being able to rent out..

Otherwise it's going to be a lot of petrol as me and the OH drive backwards and forwards to each others houses!!

Any advice much appreciated!

gld73

It's pretty standard across all the mortgage companies that you'd have to ask for (and pay to get) Consent to let, or change your mortgage to a Buy to Let one. I had to do that with Abbey, but I think it's the same with all lenders.

If you are going to rent your flat out, there are various other legal requirements (such as Gas safety certificate, Energy Performance Certificate), and you'll need to decide whether to manage it yourself or use a letting agent. Don't underestimate how much hassle it can be - you may end up with great tenants, but you may end up with terrible ones. Search these forums for further pros and cons of letting out your place, and what the requirements are.

ET1976

I have a (fairly small) residential mortgage with Nationwide and they have twice given me consent to let -their standard is 3 years at a time and then you have to reapply. I was out of the initial 2 year deal period when I first stated letting though. No fees, no change of rate, nothing. Didn't ask me about my job situation or any other questions, no forms to fill in. They just sent a letter outlining the terms of the consent (which are very brief). They have been brilliant.

Having said that, I'm probably about as low-risk as they come (I could actually pay the mortgage off if required but it works for me to keep the mortgage for various reasons). Don't know where you would stand with regards to being on a contract for work.

If you will be remortgaging in June anyway you may be best to hang fire until then and get a BTL mortgage, depending on what Nationwide say.