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Letting a flat with a mortgage

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Comments

  • tuggy
    tuggy Posts: 220 Forumite
    Part of the Furniture Combo Breaker
    You shouldnt have told them! As long as you dont default on your mortgage they dont care..they just want the money. And the bank will never find out anyway. Now you will have to jump thru their hoops :(
  • hoggums
    hoggums Posts: 213 Forumite
    silvercar wrote: »
    Just do it, the world won't collapse. Nothing will happen provided you pay your mortgage on time.

    Don't let it privately, get a proper AST in place. To protect you and your tenant, get the correct gas safety certificate, get landlord building insurance if you need it and take a deposit and protect it.

    What irresponsible advice!

    If NR finds out you are letting the flat (only takes a disgruntled tennant to spill the beans) I believe they are within their rights to call in the mortgage - forcing you to sell at whatever cost and pay them the difference.

    NR are trying to reduce their mortgage book - and a risky lendee like yourself is a prime target, don't give them an excuse.
  • poppy10_2
    poppy10_2 Posts: 6,588 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    silvercar wrote: »
    Just do it, the world won't collapse. Nothing will happen provided you pay your mortgage on time.

    Terrible advice. This could lead to a whole world of problems, not least the fact that your insurance would be invalid.
    poppy10
  • MissMoneypenny
    MissMoneypenny Posts: 5,324 Forumite
    silvercar wrote: »
    Just do it, the world won't collapse. Nothing will happen provided you pay your mortgage on time.

    What if they get reported to the mortgage company?

    We all know how easy it is for anyone at all, to check on Land Registry to find out where the mortgage company has the LL listed as their home address.

    http://www.landregistry.gov.uk/www/wps/portal/FindAProperty
    RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
    Read the sticky on the House Buying, Renting & Selling board.


  • ruggedtoast
    ruggedtoast Posts: 9,819 Forumite
    Now we have a Houseprices board maybe we should have a Distressed Landlords board to go with it.
  • silvercar
    silvercar Posts: 49,989 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    poppy10 wrote: »
    Terrible advice. This could lead to a whole world of problems, not least the fact that your insurance would be invalid.

    Not if you get the correct building insurance.

    Many many people let without consent I'm not saying its right, but loads of people do it without any fallout.

    You have people with problems paying their mortgage for whatever reason. What does a lender really want, to force their repossession statistics up or to get the mortgage payments on time?
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
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