renting out your property

shelby_

anyone with any experience , knowledge on renting out their property ? im aware that you are advised to tell your lender ! fine ! great :j so you tell them and how easy is it ? i have heard horror stories that you can be forced into a buy to let mortgage but i also hear of people letting out there residential properties all the time without the need to change mortgage !

so my question is , if you are able to let out your residential property can you then go and rent somewhere else to live ?

G_M

Have you read the sticky?

** Tenancies in Eng/Wales: Guides for landlords and tenants

Your Qs are a bit vague:
* some lenders grant CTL, some never do
* some impose conditions for CTL
* some demand a switch to BTL

Yes, if you let your 'residentialproperty' (by which I assume you mean your main residence) of course you can go and rent somewhere else to live if that's what you want.

Kim.wigley

My lender is currently Santander. We moved 200 miles in april and enquired about a CTL then - they would have granted it for a £295 fee but we decided to market the property instead.

6 months later, 2 sales fallen through, and we need to rent it. My mortgage product expired in August and we’re now on the follow on rate - Santander have refused a CTL, and have told us we need to move to a BTL product if we wish to let it because we moved to a new residential mortgage deal too recently - but they probably won’t have a BTL product for us (certainly not interest only - we’d need £150k of equity for that). We were going for a remortgage anyway so this was more of an interim thing, luckily for us.

If you only own the one property and rent elsewhere, your mortgage is treated under the same rules as residential I believe (with affordability etc), and not considered the same as a “standard” BTL - it also limits the lenders which can/will lend to that criteria.

FBaby

Most lenders will let you let your property on your residential mortgage for a limited time. After a while and it is clear it is a temporary move, you will have to get a BTL. It doesn't have to be a bad thing though and can still get good deals.

The mortgage part of being a LL is certainly not the most concerning though. Making sure you operate within the legality of the business is what you should be concerned about and it is a minefield so you might want to do some serious homework before you consider it.

lookstraightahead

There's lots to think about, responsibilities wise, on becoming a landlord. You need to act like a business owner and run it as a business. It's not a quick fix to making a bit of money.

bigisi

shelby_ wrote: »

anyone with any experience , knowledge on renting out their property ? im aware that you are advised to tell your lender ! fine ! great :j so you tell them and how easy is it ? i have heard horror stories that you can be forced into a buy to let mortgage but i also hear of people letting out there residential properties all the time without the need to change mortgage !

so my question is , if you are able to let out your residential property can you then go and rent somewhere else to live ?

If you have to ask such basic questions (using little jumpy people) without any research yourself, it's probably not for you.

davidmcn

bigisi wrote: »

If you have to ask such basic questions (using little jumpy people) without any research yourself, it's probably not for you.

Given that the OP's other posts say she's a FTB and is fretting about what happens if she's left as a single mother with children (which she hasn't had yet) after her partner (whom she hasn't met yet) leaves her, I'm not sure why she's now asking about becoming a landlord.

bigisi

davidmcn wrote: »

Given that the OP's other posts say she's a FTB and is fretting about what happens if she's left as a single mother with children (which she hasn't had yet) after her partner (whom she hasn't met yet) leaves her, I'm not sure why she's now asking about becoming a landlord.

School holidays...

Cakeguts

Just for the benefit of anyone else on school half term if you want to get a tenant for you home it is called letting a house not renting it out. The people who rent it are the people who pay to live in it. The people who own it and make it avaiable for people to live in are letting it.

shelby_

'she ' is here , learning , just like anyone else who posts on these forums , thank you to those who have given construction and useful information and tips , those who havent , save your thumbs !

LilElvis

shelby_ wrote: »

'she ' is here , learning , just like anyone else who posts on these forums , thank you to those who have given construction and useful information and tips , those who havent , save your thumbs !

The difference being that, unlike you, the vast majority of those starting threads on these boards are doing so because they have real life dilemmas and questions they are seeking advice on - the balance/ minority are time wasting trolls.