Letting a recently purchased house out

regenold1300

Im in the process of buying a house, valued at £95,000.
Im putting a deposit of £10,000 Halifax are giving me a residential mortgauge for the rest.

I intended to live in the house but currently spend most of time at my girlfriends, Would I be able to rent my new purchase out? as my girlfriend has now said I could move in with her completely and although I could pay the mortgauge for an empty house, Id much rather rent it out and use the money to cover the mortgauge.

any help or advice would be much appreciated!

Thanks, Reg

RAS

You would need a Buy to let mortgage, landlord's insurance, gas certificates etc.

BitterAndTwisted

You need your lender's permission and some lenders insist you convert to a buy-to-let mortgage which can attract a interest higher rate.

Letting will affect your insurance so you should look into that.

It will also affect your liability for income tax.

You need to do plenty of research to ensure you understand all the various landlord and tenant acts so you are aware of your legal responsibilities. Engaging a letting agent will not mean that you can abrogate your responsibility to your tenants. The (legal) buck stops with you, always.

You should join a landlords association.

Have a read on the LandlordZone forum for an idea of what you might be getting yourself into.

<sebb>

You wouldnt get a BTL mortgage with less than a 25% deposit. You might also find it difficult to get consent to let too seeing as you havent even finished buying it yet and only have 10% deposit on it. The lender might see it as you trying to get round the restrictions of getting a buy to let mortgage.

regenold1300

Well, ive decided to buy the house, already put an offer in, and its been accepted and im half way through the mortgauage procedure. I havent got a deposit for a buy to let.

The thing is, at some point either me or my girlfriend will want to rent one of our houses out unless we live apart for the rest of our lives!

geoffky

be very carefull as if you do rent it out you will require all the certificates and the insurance needs to be for btl or it will be invalid......think carefully..