Trying to figure out Consent to Let. Help?

R_P_W

Gary_Gibson wrote: »

If it really turned out to be that much I'd be totally screwed. I don't know if I could afford that. Don't they want us to be able to repay our mortgages?

The previous commenter asked how much the loan was - 67,000, I think, or very close. Maybe 62,000.

Yeah they want you to pay your mortgage under the terms that you were going to live in the property! Renting it out increases the lenders risk.

From what you have described this just sounds like a car crash waiting to happen. I'd just sell it.

Werdnal

Are you aware you will also need to change your insurance to a policy that covers letting, get gas safety certificate etc. Also I assume as you are going abroad, you will be letting it furnished? Does all your furniture meet current fire safety regs? PAT testing of your electrical appliances is not compulsory, but wise if you are letting. When did you last have an electrical installation test?

Will you have a couple of grand spare to cover repairs and maintenance? What if the heating breaks down - you have an obligation as a LL to make repairs promptly and you cannot just tell the tenant to put and extra jumper on and put up with it!

You seem to be concentating on the CTL and overlooking the bigger picture, and the other ££££ you can lose on letting. It is far from a guaranteed income, and some years I struggle to make a profit on mine without a mortgage to pay!