Renting Property & im in the Forces

AircraftHandler

Afternoon,

Im after advice reference renting my property out. I have heard that im able to rent my property out as im in the forces without telling my mortage company as i intend to move back in when i return from my tour.

Any help in this matter would be appreciated.

Werdnal

That is a new one on me - have you got the terms and conditions you signed up for when you took your mortgage. If so, I would suggest you read them thoroughly!

As for renting out the property, read this:

http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12

And remember just because you issue a tenancy agreement with an end date to co-incide with your return from tour, you cannot be sure tenants will leave then. They are under no obligation to move out, and you could face having to get a court possession order to evict them. Make sure you have alternative accommodation lined up for yourself, as if could take a couple of month to shift them!

kingstreet

Many lenders will permit services personnel to let their properties on a residential mortgage product without fee, or additional rate. Notably, Northern Rock was the exception to this last time I looked into it.

AH - despite this, you still need to ask your lender for consent to let and to ensure your buildings insurance is adjusted to acknowledge the property is no longer owner occupied.

pmlindyloo

This is what Nationwide says:

You will not be charged the letting fee or additional letting interest rate if our records show you are a member of the British Armed Forces renting out your property. However, please remember that you must contact us if this situation changes.
Please note that if you are a member of the British Armed Forces and are thinking about renting your property or you are renewing your permission to let your property you must continue to apply for permission to let your property using our permission to temporarily let application form.

New one on me!

OP you need to contact your mortgage provider or visit their website to see if this applies to them.

Just as important is Werdnal's advice about tenants not necessarily leaving at the end of their tenancy agreement.