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Renting, whilst bein a home owner
thudercat12
Posts: 2 Newbie
Hi,
I hope everyone is all well, and keeping safe.
I wanted to know, is it possible for someone who is a home owner with a joint mortgage to be able to then move out, and rent an apartment.
The mortgage payment will still be covered by others living in the home, but it was a case if one of the mortgage holder was able to move out.
Or would this be an issue for an agent when he/she is looking into background checks.
Thanks!
I hope everyone is all well, and keeping safe.
I wanted to know, is it possible for someone who is a home owner with a joint mortgage to be able to then move out, and rent an apartment.
The mortgage payment will still be covered by others living in the home, but it was a case if one of the mortgage holder was able to move out.
Or would this be an issue for an agent when he/she is looking into background checks.
Thanks!
0
Comments
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I would think you will be fine as long as you can satisfy them that you can afford to pay the rent.1
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Oh I see, that is what I thought. Thank you.AskAsk said:I would think you will be fine as long as you can satisfy them that you can afford to pay the rent.0 -
Renting another property is completely fine.
However, if you are letting the property, you will need "consent to let" or a buy-to-let mortgage. That would also make you a landlord with everything that comes with that.1 -
As someone who has rented-mortgaged-rented-mortgaged I never had a problem as my credit rating is good, no CCJs and earned more than enough to pay rent.If you can satisfy that and don't have any CIFAS issues etc., I think you'll be OK.1
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Not clear exactly what you plan:
Do you mean agent for the property you hope to rent as your main residence? They will not know or ask about your owned property.thudercat12 said:I wanted to know, is it possible for someone who is a home owner with a joint mortgage to be able to then move out, and rent an apartment. Is the joint mortgagee also a joint owner? Is the joint owner/mortgagee also moving out?The terms of the mortgage are probably that you use the property as your main residence. Read your mortgage contract.Renting another property is entirely a contractual matter between you and your landlord.
The mortgage payment will still be covered by others living in the home, but it was a case if one of the mortgage holder was able to move out. Who else lives there? I suspect provided one of the two (or more?) mortgagees continues to live there as their main residence that would be fine.Are the 'others' family? Lodgers?
Or would this be an issue for an agent when he/she is looking into background checks.Or are you planning to let out your owned property via a letting agent....?0
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