Moving from a Homeowner to buy to let

CrazyIndianZA

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

Thrugelmir

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.