renting a house out help please

Thunderchild79

Hi, I live in a 2 bedroom house and have 3 kids so I need to move as the house just isnt big enough. I have a variable rate mortgage at the moment but cant remortgage due to credit rating. The house is in negative equity so selling is going to make a loss. I was thinking about renting the house out to rent somewhere bigger, but would the mortagage company let us do this? Would I need to change my mortgage to buy to let and if so would they do that with a bad credit? I have been with this mortagage provider cheltenham and gloucester for 8 years now, any advice greatly appreciated. Also what else do you have to get certificate wise to be able to let your home out.
Thanks in advance

BitterAndTwisted

You won't be able to convert to a BTL mortgage with no equity in the property. Lenders usually require a 25% deposit and that the proposed rent will be 125% of the monthly mortgage-payment. But they might give you "consent-to-let" but this is usually for a defined period, may carry a one-off or an annual fee and is rarely open-ended.

If you've got "bad credit" what makes you think you and your family would be an attractive proposition to a landlord? They carry out credit-checks on their tenants too, you know.

There are much worse things than being squeezed into a house you have out-grown.

ihatemyhouse

take in to consider any probs that might come up with the house you own and rent out, might be best to stay and try and convert loft

G_M

Ask for Consent To Let, but first read the post below:

New Landlords (information for new or prospective landlords)

Letting Agents (Tips for selecting, and tips for sacking them)