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Getting permission from lender to let my property?
Comments
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Amjad,
It's not as bad as it sounds. This is what I am doing and so far so good. Granted it takes quite a bit of work and a few phonecalls. But as the alternative would have been to leave the property empty for at least a year, renting it out makes perfect sense.
Oh and I'm renting it fully furnished too which makes it more straight forward (furniture, crockery, cutlery, I've left the lot) It took 3 weeks from start to finish to find an agency I liked (to deal with all the deposit and certificate business and whatever else it is they do), sort out the paperwork and find the right tenants.
Like I say worth the hassle and so far so good...0 -
Hi there.
I, too, wondered this question, which is how I stumbled across this forum thread.
I am with Nationwide and so read taketwo's post above with interest.
I gave them a call. The advisor I spoke to said I would be able let out my property for 3 years with no change to the terms and conditions of my mortgage (interest/fixed-rate period etc.). At the end of the period, I would either have to re-apply for an extension to this period, which would be unlikely to succeed, or take my mortgage elsewhere as they don't offer buy-to-let.
Hope that helps Nationwide borrowers. And I hope this doesn't change overnight.0 -
i am asking the same question of halifax at present - and have now waited 4 days for a return phone call - halifax are "b"ankers - are they not ?0
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I purchased my property and rented it out straight away. The mortgage company is not interested as long as they get their money on time every month. I do have a landlords buildings insurance policy though and I get the gas and electric tested annually.0
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i rent4ed out a flat of mine for 5 years, didnt even bother to tell the bank. i went abroad and left it with a good rental firm who looked after it for me, replaced any broken items at tenants charge, fixed any burst pipes etc.
got home from working abroad and sold the flat and made a tidy profit, the bank was none the wiser.
i sent all mail to parents address stating to the bank my mail was going missing at the flat.
maybe not 100% legal or whatever but worked for me with no hassle what so ever.0 -
To let a property that was your home without the lenders consent is a breach of your mortgage terms and conditions, nothing more, really not very exciting.
To apply for a mortgage with the intention of immediately letting it is fraud, obtaining money by deception, a criminal offence....I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
CYMRUAMBYTH123 wrote: »I purchased my property and rented it out straight away. The mortgage company is not interested as long as they get their money on time every month. I
Yes, they are interested. Check your mortgage T&C's. Its all very clever until something goes wrong.0 -
just be aware if your caring for someone full time and your NOT living at your property you are entitled to a reduction in council tax (taken off the gov website)If you find yourself in a fair fight, then you have failed to plan properly
I've only ever been wrong once! and that was when I thought I was wrong but I was right0 -
CYMRUAMBYTH123 wrote: »I purchased my property and rented it out straight away.
You bought it on a residential mortgage and let it out immediately?
Sounds like it could be fraud, to me....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
as at 13-8-2008 halifax will move you to their Buy to Let rate (fixed 6.84% for 3 years, or a tracker 6.59% for 3 years) with an arrangement fee of £4990
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