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Buy to Live being let out
sarah_id1
Posts: 336 Forumite
I am sure people appreciate that buying and selling property is a headache.
If I bought a property to live, moved away from that house after couple of years for employment reason and so let it out to cover the mortgage cost. I understand home insurance is invalid in this case. If and when the bank finds this out what worst could happen?
If I bought a property to live, moved away from that house after couple of years for employment reason and so let it out to cover the mortgage cost. I understand home insurance is invalid in this case. If and when the bank finds this out what worst could happen?
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Comments
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Worst case scenario is that they demand immediate repayment however I dont think this is likely. Have you asked for consent to let? Can you move to BTL mortgage?0
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The worst that could happen is that something happens to the property - flood, fire, gas explosion, storms, subsidence (the list goes on). You try to make a claim, the insurance company finds out the property was let without their knowledge (and they almost certainly will, if it's a large claim) and they refuse to pay out. You may as well not have bothered with insurance at all... not a risk I'd like to take on such a valuable asset.0
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