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should we let know lender abour short term let?
Comments
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Well wouldn't it make sense to sell the flat before buying a house?Recovering money spent on the whole process of selling/buying
Or, could you not move in to the house and your brother get a lodger in to your old room to cover expenses?
Trying to rent a house out 'just for a year' sounds like a terrible idea, what if the flat sells and you need to move in to the house, but your tenant won't leave?0 -
Applying for a residential mortgage on the house, when you know that you will not be living in it / will be letting it out, is mortgage fraud.
Lenders have increasingly sophisticated methods to find out where you're living and if they realise what is going on they might change your T&Cs on the mortgage (to higher interest rates) or ask you to repay the mortgage on demand. They might also put a notice on the fraud databases, so that you will find it almost impossible to obtain insurance or any other form of credit.
It really isn't worth it.0
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