Permission to rent from Lender

paint

Hi guys,

I've been researching temporarily letting out my flat (for twelve months), in around six months time, and am aware I think of my responsibilities and obligations as a landlord to my tenants.

I believe that I will also need to inform my lender/ask permission concerning the change of use prior to letting the property.

I haven't phoned them yet (on my 'to do' list for this week!), but wondered if, in anyone's experience, there are likely to be significant charges involved.

I'm about 3 years into a 5 year fix - would it be likely that I would have to switch products and pay the redemption penalty? Am also considering temporarily trying to switch to interest only - do you think I'll be hammered with charges :eek:?

Does anyone have experience of this?

Lender is Alliance and Leicester, by the way.

Cheers,
:beer:
Paint

Valencia

I'm in a similar position. I'm just about to go into yr 2 of a 3yr fixed rate and I am wanting to rent out my house, as I have changed jobs.

I spoke to my original mortgage arranger for my mortgage and she said it would be fine, all I need to provide is a copy of the AST. I can keep my rate and everything with no penalty. Lender is HSBC (but then again they are my employes too!)

paint

Valencia wrote:

I spoke to my original mortgage arranger for my mortgage and she said it would be fine, all I need to provide is a copy of the AST. I can keep my rate and everything with no penalty. Lender is HSBC (but then again they are my employes too!)

Thanks - that sounds very positive. My fingers are crossed for us both!