Would like to rent my property out, but my lender does not do BTL mortgages

mr_white_3

Hi,

I have a business opportunity to live and work abroad for 12 months and I would like to let out my property whilst I am away. However this is my first mortgage and I am only 1 year into my 2 year fixed rate with ING Direct. I paid 20% deposit. ING do not do buy to let mortgages – does anyone know what my options are for me to change my mortgage? Will I get charged? Can I request permission to let my property, explaining that I will be away?

Thanks.

handytips

Talk to your lender and explain your situation. As for permission to let your property (ususally a charge for this) and they will probably give permission. Remember you will need to change your insurance to a landlords insurance as a residential insurance would be null and void when you rent the property out. Lenders do not particularly like doing this, the reasons are lengthy but i can see why they dont like it, However you should be ok, if you change to a BTL Mortgage then you would have to pay and Early repayment charges that may apply, this will be shown in your Offer Letter from ING. Good Luck

Mrs_Z

Hi
If your rental is only for 1 year, don't even think about BTL mortgage. Just ask your lender for 'consent to let'. You do realise that you will also have to update your insurance, get your gas appliances (if any) serviced and certified safe, provide EPC for the property....