Advice Welcome

scarletpenelope

Hi All,
I wonder if you can help me. I've just been asked to work away from home (and train for my dream job!) for 6 months. I have a flat I have owned for 18 months (and have an early repayment fee of 6.5k if I sell the property)

I don't want to sell my property as I consider it my home and will return to it however I am 10k short of the 25% required to change my morgage to buy-to-let.

I fully intend to return in 6 -12 months once this short term assignment is complete, Unfortunately it is 300 miles away from where I currently live so commuting / lodging is not an option.

I'd like to rent it out to ensure I keep it however I'm extremely concerned about renting out without the required permission. I have spoken with a number of people in the profession who have said off the record this happens all the time however that wont really make me sleep easier at night.

Do I have any other options other than to turn this assignment at work down?

I do have 2 people who would take on the property for me short term however they bank with the same company that my morgage is through and at present they are not aware of my current situation in not having permission. How likely is it that if I did proceed with this course of action (of which I'm very reluctant to do) that it would cause an issue and result in my home being repossessed?

If I did proceed, got the proper landlord insurance and got all the necessary gas certs etc would it make any difference if my mortgage company found out?

I pay my mortgage on time each month without fail and I would be renting somewhere to undertake this training in my new location as it is by no means a permanent move

Caught between a rock and a hard place here and would welcome any advice on if there are any further options / suggestions. Unfortunately, unless my 6 numbers come up next Saturday night, I'm not really in a position to find the 11k to plug the gap.

I'm fairly desperate for this advice so thanks in advance for any help.

Fire_Fox

Have you asked your lender for consent to lease? You don't necessarily need to get a BTL mortgage, just explain to your bank it's only for six months. Do not let to people you know, it has a way of biting you in the rear. Equally as important you need to read your long lease, your freeholder may not be allow you to sublet without permission.