REnting out house - should I inform mortgage co?

VIGILANT22

That may not be the case...however what would you rather live with, breaking the T&C's of yr mortgage agreement or being honest?

Cannon_Fodder

Good to see people aiming high, ethics-wise.

Is it any wonder MPs think they can blag expenses etc, when their constituents are also up to some dodgy scheme or other.

Im-Blue

Cannon_Fodder wrote: »

Good to see people aiming high, ethics-wise.

Is it any wonder MPs think they can blag expenses etc, when their constituents are also up to some dodgy scheme or other.

right

lets get this straight it's not as if i have robbed a bank or done something terrible! yes I havent informed them, yes I have left it 10 months - due to naiivity and then worried about what would happen coz i didnt tell them BEFORE they moved in....

and i'm not really too sure where to go from here because of that

so please don't say that I am unethical or whatever and put me in the same boat as MP's claiming expenses for their own 2nd homes and rubber ducks to go in it.

I thought this was a place for etiquete and advice from people in a simliar predicament, good or bad!

I'm not saying what I have done/or am doing is right am i, but what i am saying is that im sure im not the first person who's done it and wondered what the implcations were due to me now renting it out for 10 months without telling them

VIGILANT22

It is due to naivety (note correct spelling) that you have rented your property out otherwise you would not be questioning it 10 months later.

Quote: "I thought this was a place for etiquete/etiquette (note correct spelling) and advice

This forum is not regulated for advice, that is why you have Mortgage Advisers..the clue is in the word........neither is it here for people to relieve their conscience...this is not a scamming website.......

People have offered assistance however if you wish to "take" the moral high ground, why did you post "so slim chance of any mail being redirected back to the lender"...........

Simply because you hoped to defraud the system...........

CloudCuckooLand

If you have done "nothing terrible", why the concern, as the Lender will undoubtedly confirm your innocent status.

Except they may insist on a BTL rate and fee - do you have £3k or so, the money to cover an extra 1% or so on the rate, and 25% equity ?

Thrugelmir

Im-Blue wrote: »

and I have landlords insurance (which didnt mention anything about telling the lender)

Why should they?

At a business level it is expected that either a person has the appropriate knowledge or seeks professional advice. In the same way that the onus is on a taxpayer to self declare any source of income.

Read the insurance cover small print. Insurers don't like settling claims if they don't have to as it costs them money. Insurers are aware of recent trends and will protect themselves accordingly.

Thrugelmir

Im-Blue wrote: »

right

lets get this straight it's not as if i have robbed a bank or done something terrible! yes I havent informed them, yes I have left it 10 months - due to naiivity and then worried about what would happen coz i didnt tell them BEFORE they moved in....

and i'm not really too sure where to go from here because of that

so please don't say that I am unethical or whatever and put me in the same boat as MP's claiming expenses for their own 2nd homes and rubber ducks to go in it.

I thought this was a place for etiquete and advice from people in a simliar predicament, good or bad!

I'm not saying what I have done/or am doing is right am i, but what i am saying is that im sure im not the first person who's done it and wondered what the implcations were due to me now renting it out for 10 months without telling them

If renting out the property on a commercial basis is profitable , stick with it. Otherwise sell up. That's all that should matter. Everyone makes on the spot decisions. Good people have the guts to correct the bad ones.

One further thought. Even your tenant could use their knowledge to "blackmail" you.......