Renting out room

cheerypie12

Hi all,

I purchased a flat with my sister, and we moved in end of March. But it was a huge mistake, as I do not get along with her, and I need to move out - for my own sanity, my health and my finances.

Even though I love the flat, its location etc, and it's going to be painful to move away, I have to do it.

Can I just rent out my room, or do I need to let my lender know? Even though my sister--jointly on the mortgage--will still be in the flat?

Any advice would be most appreciated.

Many thanks.

lee111s

I don't think you can simply rent out the room without your sister agreeing to live with a stranger!

They would be a lodger so the lender doesn't need to know.

AnotherJoe

Where are you going to live? If you are looking to buy another place it's almost certainly not going to be possible for you unless you can sell your half to your sister which I guess isn't going to be practical since otherwise she (and you) would have bought on your own in the first place.

cheerypie12

lee111s wrote: »

I don't think you can simply rent out the room without your sister agreeing to live with a stranger!

They would be a lodger so the lender doesn't need to know.

Oh that's good to know, thanks @lee111s.
Of course my sister would know and agree. I am not an inconsiderate person

cheerypie12

AnotherJoe wrote: »

Where are you going to live? If you are looking to buy another place it's almost certainly not going to be possible for you unless you can sell your half to your sister which I guess isn't going to be practical since otherwise she (and you) would have bought on your own in the first place.

I would rent a room.

I can't afford to buy a second home, and my sister can't afford to buy my half - not that I would want to sell.

worried_jim

I've rented out my spare room for 12 years, never had an issue.

kingstreet

Some lenders do request you inform them of changes to the occupants residing in the property.

RBS is one specific example, IIRC.

fewcloudy

lee111s wrote: »

They would be a lodger so the lender doesn't need to know.

Hi,

I'm sure that I read an article in The Guardian re. the popularity of houseowners doing Airbnb, and how most would be in breach of their mortgage conditions by not informing the lender and/requesting to be allowed to do this? Is the OP in a different situation somehow?

IIRC, it said that lenders could raise the interest rate if they found out, or even call in the debt altogether. I will try and find article and add a link.

Ta-Daaa...!

https://www.theguardian.com/money/2016/apr/02/airbnb-guests-cost-you-your-home-breach-mortgage-terms

fc

lee111s

fewcloudy wrote: »

Hi,

I'm sure that I read an article in The Guardian re. the popularity of houseowners doing Airbnb, and how most would be in breach of their mortgage conditions by not informing the lender and/requesting to be allowed to do this? Is the OP in a different situation somehow?

IIRC, it said that lenders could raise the interest rate if they found out, or even call in the debt altogether. I will try and find article and add a link.

Ta-Daaa...!

https://www.theguardian.com/money/2016/apr/02/airbnb-guests-cost-you-your-home-breach-mortgage-terms

fc

All if's and but's. If a lender is being paid on time and the home isn't being let out, I very much doubt they'll care.

I've had lodgers before and whilst I rang the lender(s) I've been with, they said that's something they don't need to know about.