Rental Advice

carpediemspirit

Hello,

I bought my place 3 months ago and shortly after started seeing my gf, We have decided to move in together at her place.

Seeing as I will be living with her, I dont want to sell my place as I am locked into a 3 year fixed rate mortgage and dont want to pay a hefty redemption penalty.

Is it possible to rent out my place short term say 6-12 months, do I have to seek permission from my lender ?

Thanks
Carpediemspirit

Norahbatty

Hi,

I suggest a quick call to CAB if you don't want to contact your lender about renting.

Good luck

real1314

I'm not sure CAB can help.

You need to notify the lender, you'll also need landlord's building insurance (due to the increased risk), plus gas certs for any boiler/fire/cooker.

You can offset the mortgage income (and any charge for approval) against rental income for tax purposes.

and there's a lot more to sort out.

carpediemspirit

Can my lender turn around and say No, would they normally do so ?

Cara79

Potentially they could turn around and say no, but I suspect they will grant it and charge a small fee.

I suspect you will be ok though. You will only know if you phone the lender and ask. You must tell the lender because if you let the house out and get insurance the insurance would be void if the lender was not aware.