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Moving from a Homeowner to buy to let
CrazyIndianZA
Posts: 141 Forumite
Hi
We are likely to be moving out of our present property with the intention of spending a year or so working out in Asia. I Have an existing mortgage at a very favourable rate.
Questions:
1. Do I need to let my provider know that I no longer live in the property ?
2. What happens if I don't tell them this ?
Thanks
We are likely to be moving out of our present property with the intention of spending a year or so working out in Asia. I Have an existing mortgage at a very favourable rate.
Questions:
1. Do I need to let my provider know that I no longer live in the property ?
2. What happens if I don't tell them this ?
Thanks
0
Comments
-
You should obtain your lenders permission.
Your lender could impose a change to your mortgage terms and conditions, i.e. penal interest rate. In that your action would be in breach of the contract.
A secondary consequence could be that any insurance cover on the property could be invalidated in the event of a claim.0
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