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If I want to rent my property do I have to change to mortgage?
Jimbo3000
Posts: 1 Newbie
Hello
After a bit of advice I am looking to go travelling and want to rent my property . I have been living in the property for just over 2 years and my 2 year fixed has expired and I am in the process of renewing it with another lender.
If rent the property out would I have to change to a buy to let mortgage even though I have been living in it for 2 years and I have not bought the property explicitly to let it out?
Your feedback is appreciated.
Jim:T
After a bit of advice I am looking to go travelling and want to rent my property . I have been living in the property for just over 2 years and my 2 year fixed has expired and I am in the process of renewing it with another lender.
If rent the property out would I have to change to a buy to let mortgage even though I have been living in it for 2 years and I have not bought the property explicitly to let it out?
Your feedback is appreciated.
Jim:T
0
Comments
-
You must let the lender know of your intention to let the property as it has an impact on such things as the property insurance etc. Many lenders will allow you to let out wiithout any loading on the interest rate as long as it is your intentiion to reside there again after your travelling.
Look at it this way, if I were hiring a car from you but told you I would only use it for personal use, you would be a little ticked of if you discovered I had been using it as a minicab or doing track days.
Hope this helps
Andy0 -
They usually charge you an admin fee but make sure your insurance company are aware of it if you have a house. If you have a flat and pay fees the insurance is often included in that. As long as it remains your home and you intend to come back to it you are in a different position to a "buy to let" where your intent is of an investment nature.0
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