Moving out of property and renting it out

distressedtoinvest

I intend on buying a house, renting a couple of rooms out to help cover the mortgage, and then moving on in a few years time - at which point the property would be entirely rented.

Is it likely that the mortgage provider would look at this unfavourably as I will have been given a normal mortgage as opposed to a buy to let? I've heard that the worst case scenario is that they can reposess the house, is this so?

Caz3121

at the point that you expect to move out and leave the property rented you would have 2 options
1) speak to your lender and ask for "consent to let" this may be granted for a set period...eg up to 2 years depending on the lender...if your lender does not grant "consent to let" then you would be looking at option 2
2) change mortgage over to a BTL. You will need to meet the BTL LTV % and rental multiplier....which, depending on the amount of equity may mean reducing the LTV (BTLs tend to be 75% or 80% max)

dimbo61

Under the government rent a room scheme you can now earning up to £7,500 a year tax free.
However you will have a lodger or lodgers and you will live in the property as your main residence.
Once you rent out the whole property you become a Landlord with all that entails.