Another question re renting my house out!

tigger115

Sorry if this has been answered elsewhere - I have been in touch with my mortgage provider today to inform them of my intention to rent my property out. Told me they would send me out a 'lease to let' application form to fill out and there would be a fee of £75. Can anyone tell me what this form is? WIll they do a credit check? I have a fixed rate mortgage with them for another 14 months - will this now be changed? I couldn't ask any questions as I was ringing them from work and had to put the phone down rather quickly!!

Thanks for taking the time to read

lynzpower

surely you will need to discuss this with your lender, as given its your mortgage, Id have thought it would be pretty imperitive to be exactly clear on what changes are being applied, that you understand and agree to them and how much its going to cost you, and when these fees are payable.

Personally Id be a bit :eek: at running my mortgage on the hop- the idea scares me to death!

silvercar

its just a form where you ask permission from the lender to rent out your property. Sometimes, particularly if it is temporary, all they will charge you is the £75. If they insist you move to a BTL deal they may wave the charges if you are sticking with them as your lender.

tigger115

Thanks Silvercar your response was great.

Thanks for your reply lynzpower - whilst I have no intention of Not checking my mortgage details etc with the bank - due to work commitments its going to be until early next week before I can properly talk to them during the day - that was why I came on this board for a little advice and to probably answer a few concerns - that was all

Tassotti

It is possible that they may increase your interest rate as well as the £75 fee.

Are you on a repayment mortgage?

Will the rent cover the monthly cost. If not, it may be worth changing to an interest only mortgage whilst you are renting out the property.

Tass

tigger115

Thanks Tassoti - yes am on a repayment mortgage.