We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Renting your property - tell lender or not?
atppkr
Posts: 42 Forumite
Current residential and would like to get another property.
Just wondering what peoples thoughts are on this and if anyone has had experience of doing this. Would love to hear the thoug processes behind your decisions.
Just wondering what peoples thoughts are on this and if anyone has had experience of doing this. Would love to hear the thoug processes behind your decisions.
0
Comments
-
-
Do a search on the form. Lots of threads discussing why you should get CTL or BTL.
And advice on letting here.0 -
Many tenants are savvy enough to request proof that the LL has consent to let. They are the ones taking the higher risk, as if you default on your mortgage and there is no consent to let, tenants can be evicted with little notice.
Your house insurance would also be void unless you changed to a LL policy.
Are you intending to set out on letting being an honest, efficient and reliable LL or are you planning to cut corners and take chances from the start?0 -
Do a search on the form. Lots of threads discussing why you should get CTL or BTL.
And advice on letting here.
GM, if you look at an earlier post here tonight started by jellybean, you already linked your post to atppkr's query there!
Me thinks they have now started reading it and therefore asking how to avoid all the things you are suggesting they need to comply with :rotfl:0 -
Many tenants are savvy enough to request proof that the LL has consent to let. They are the ones taking the higher risk, as if you default on your mortgage and there is no consent to let, tenants can be evicted with little notice.
Your house insurance would also be void unless you changed to a LL policy.
Are you intending to set out on letting being an honest, efficient and reliable LL or are you planning to cut corners and take chances from the start?
I wouldn't be concerned about defaulting as I would ensure that sufficient contingency would be in place.
Just interested in people who have been in the position and there thoughts around actually being in the situation. The good and the bad.0 -
GM, if you look at an earlier post here tonight started by jellybean, you already linked your post to atppkr's query there!
Me thinks they have now started reading it and therefore asking how to avoid all the things you are suggesting they need to comply with :rotfl:
Cheers!
:T
(really annoying when peeps start multipe related threads - I tend not to spot these spammers...)0 -
I get the impression it's remarkably common. One chap on my team at work bought a property with his now wife, and are letting out their old properties without permission from the lenders (and enjoying ultra low tracker rates too). Another lad is looking to do the same soon, and a couple of others tell me their mates are playing the same game.
Holding onto rather than selling your first property seems to be the way forward these days. Why save for a pension when a tenant can do it for you?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
I let my property when my husband was posted overseas. I did everything by the book. My mortgage rate did not change and I was not charged by my mortgage lender.
I think you would be very silly to not advise the lenders what your intention is.
I think you should have a good long read of the linky thet G_M provided.Grab life by the balls before it grabs you by the neck.0 -
OP just do it properly. Protect your tenants deposit also.Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0 -
Tell the lender or not?? Well, you signed a contract with them for all that mortgage money, agreeing not to let without permission.
If you even thought it might be OK for you to ignore contract conditions you'd agreed to, then I suppose you'd be happy for any tenant to do likewise (e.g. not bother paying the rent, wreck the place, sub-let several rooms ... )
What goes around comes around...
Cheers!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.3K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards