Change fixed 5Yr to B2L with Accord?

pinksquirrel

I entered a 5 year fixed mortgage with Accord Mortgages 2.5 years ago and I now am considering renting out my property due to change in circumstances. I have registered with my council as a Landlord so I have the licence. However I have not rented yet or found a tenant. The mortgage company contacted me saying that I need to apply to them. Does anyone know what the implications are? Will I need to change my mortgage to buy to let? Will I be charged by them if I stay with them? Will I be charged for breaking out of the 5 year fixed? I hear of people renting out and not telling their mortgage company. I really want to rent it out but dont want to be faced with huge charges on the outlay. Otherwise I will be continuing to pay a mortgage on an empty property. All advice is welcome.

Foxy-Stoat_3

Ask them for consent to let. That will take to you the end of your fixed rate. Re-access after then.

If you leave the propery empty or rent it out to tenants without telling them you will be breaking your mortgage terms.

Good lucks !

Slayerx

You need the application form from them.

There is a fee and from memory it would need to be a AST with a minimum of 6 months to a max of 24 months.

Your rate would also go up the figure should be on the Accord site.

if you don't tell them and they find out the rate hike is higher than it they agree to it.

Slayerx

http://www.accordmortgages.com/documents/ACCM1353_LOANS_ADMIN_Both.pdf

The fee is £58 and the rate increase is 1%