Mortgage company won't let me let!

silvercar

ejones999 wrote:

The reason why you need permission is to safeguard the lender in the worst case scenario of them having to repossess the flat.
Just imagine them getting a court order to 'evict' you only to find your tenant has 'tenancy' rights and cannot be removed so the sale collapses. Who do you think they will come after for damages??

Be careful is all I am saying.

They would just repossess and not worry about the tenants. The tenants contract is with the landlord not the lender; they would repossess and leave the tenant fight the landlord for breach of the AST. As the landlord is presumably short of money at this point, there would be little value in the tenant taking the landlord to court.

The permission to let safeguards the tenant as much as the lender.

seven-day-weekend

Be aware that if you rent without permission your insurance could be invalid.

silvercar

seven-day-weekend wrote:

Be aware that if you rent without permission your insurance could be invalid.

Not if you get the correct insurance!

Debt_Free_Chick

I'm just curious as to why you would let a property at a loss - especially as you would also have maintenance costs to factor in as well

Benny24

When renting out, are you able to rent to someone you know well, as a stand by to get you through the two years?

MJMum

You can pay Royal Mail to redirect your mail and it's not very expensive.

But beware, there are some items of mail that do not re-direct such as Council Tax.

Guy_Montag

silvercar wrote:

They would just repossess and not worry about the tenants. The tenants contract is with the landlord not the lender; they would repossess and leave the tenant fight the landlord for breach of the AST. As the landlord is presumably short of money at this point, there would be little value in the tenant taking the landlord to court.

The permission to let safeguards the tenant as much as the lender.

I'd probably chase the landlord just for !!!!!! & giggles, though he might end up making money from the house sale even after the bank had taken it's chunk, so I might get my grubby hands on some of that.:p

mystic_trev

Pods wrote:

ejones999

If i put the rent up any more, i don't think it would let even though it's a brand new property

.....and there lies the problem.Unfortunately newbuild apartments are very hard to re sell. Many I've looked at have dropped by 20% - 30% !!!!
If I was you I'd look either to rent it out Privately, or sell your primary residence and move into the apartment.

Pods

I prefer Rick62's suggestion of writing to the mortgage company. I will explain my situation and see if they will be more understanding. I have thought about selling up but if things do not work out with my partner, then i will be in a bit of a pickle to say the least - keeping the property is my little safeguard. If they continue to turn me down, another option is for me to move in. If i do that, my relationship would fall apart which is not what i want at all.

cattie

Would it not be an option for you & your gf friend to live in this property until the redemption period was up & then try to sell it?

It does sound a little crazy to be considering a rental when you'd have to contribute £150 per month towards the mortgage & whatever maintenance/service charge there is. If interest rates rise you'll be forking out more & your flat will be suffering wear & tear from a tenant who is actually costing you good money to live in the property.