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renting house out!

jon25MK
jon25MK Posts: 10 Forumite
in House buying, renting & selling

Hi,

Looking for some help please! My partner currently owns a 3 bed house (2kids) with has a mortgagee with YBS. Due to my bad credit, we are unable togain a joint mortgagee to buy a bigger house. I am completely debt free now but due tothe damage done to my credit file it will be a few years before we can apply again.

We have thought we could look in to renting our house out and moving in to along term rented property as we need more space - can anyone help with the rules around letting ourlender know and if we have to pay fees etc?

Thanks

Comments

  • Mrs_pbradley936
    Mrs_pbradley936 Posts: 14,573 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Just ring up and ask them because they are all different. You might have to take out an additional insurance policy. Make sure you let them know that this is due to a change in personal circumstances and that you do not intend to start a buy to let business because then it will get complicated.
  • jon25MK
    jon25MK Posts: 10 Forumite
    Thank you for your reply - will get that done tomorrow!
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Some lenders will grant "Consent To Let", for which there may be an admin fee.

    Some will make you switch to a Buy To Let mortgage - higher interest rate and fees.

    Some will refuse. As advised, ring and ask.

    For more on what is involved with letting your property, read this post here.
This discussion has been closed.
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