2 questions re selling my house

tigger115

Hello - I hope someone could help me with a couple of questions and I apologise if they have been answered before. I am just in the process of trying to rent my house out.

The first question is do I have to inform my bank of my intention to rent out. Is it illegal if I don't? Will they change my mortgage to a higher rate?

My next question is I have an interested party in my house who have an agreement with CCCS to pay off an existing debt. He has said he has no CCJs - would this affect the credit rating of my address?

THanks

regularsaver1

Are you selling based on your post title or renting out?

You do need to inform your existing mortgage lender of your intention to rent. But it is not just a case of informing them but a case of getting their permission. They may charge a fee and they may change you to a different interest rate.
If you do not do this you are breaking your mortgage conditions. Give them a call and found out, then you'll be covered.

You would also need to change your home insurance.

Don't know your second question = do you mean a tenant? you would not be associated to this other person by credit.

tigger115

Thanks Regularsaver - flagging at the moment ! - Yes I meant re renting my house out.

Yes re my second question - just didn't know where i stood say for example if i moved back into the property at some stage later and a tenant had been paying through CCCS - would this affect the address at all?

thanks for your quick response

regularsaver1

I think you need to actually apply for dis association but I;m unsure - worth checking with Experian or Equifax.

Unless any one knows here?