First Time Letting my property

scar1_2

Hi,

I am looking for some advise here, any help is appreciated.
I have had a change in my job that requires me to relocate for minimum of 1 year and I need to move fairly quickly.
I thought it best to rent my property out (3 bed house) and rent where I relocate to.

My current mortgage is with Coop and they have been pretty good over last 4 years having a mortgage with them, main question I have is:
Do I need to tell my mortgage lender about me letting this property?
.. And if so will I need to change my mortgage.

My move is only temporary so that would be a fair amount to do if I had to change it etc to 85% mortgage.

I obviously will have to tell my insurance company, hope this does not go up by much....

Are there any other obvious things I am missing regarding mortgage & insurance?

Thanks
Steve

mlz1413

Hi I did this a few years back, mortgage co's are normally quite good if it's not permanent and you have paid on time, if you still have your mortgage offer and/or conditions have a read through them, mine had a clause that 1% would be added to current rate. (If you don't tell them and something goes wrong like a fire, then you could be in trouble!)

Building ins needs to be arranged by you but contents is normally by tenant, but ensure you tell tenant this so there's no wrong assumptions made.

From experience if your moving away and you will be busy think hard about how you will manage the rental. Also I always take a guarantor.

Food for thought: If your moving for your company and they want you to go quickly can you get your company to pay for a rented place for 6 months so you can leave yours empty. Gives you breathing space or the chance to put on market without being out of pocket.

Good Luck
MLZ

clutton_2

use an agent - this is a very complex business - dont even think of managing your own house if you are moving a long way off. even if you make a small return for this temporary period, its better to use an agent who is a member of Body ARLA or some such, as you have more protection that way.

scar1_2

Thanks guys!! This was much appreciated and now im back after taking all the advice above....
Cheers.
Now I have a new problem which I will start another thread on.