Renting out a Mortgage flat

Seanmac

I recently bought a flat. I have also recently received a work assignment that requires me to stay in another town due to its proximity. I was wondering if I decide to rent out the flat will I need to disclose this to the lender? I bought it to live in a flat and not as an investor. Will the change in the interest be drastically high? Is it possible for me to sub-let a room in the flat or will I need permission from the lender for that too?
Thanks

K_S

- yes, you are expected to get something called a Permission To Let or Consent To Let from the lender.

- Each lender will have their own rules around this, some will charge a one-off or periodic fee, some will add an interest rate surcharge 

- most lenders are reasonable and will allow CTLs for plausible reasons

- taking a lodger is permitted by most lenders, some require you to inform them, ask permission and some don't need to know.

davidmcn

K_S said:

- taking a lodger is permitted by most lenders, some require you to inform them, ask permission and some don't need to know.

though if the owner isn't actually resident, I have doubts that the "lodger" will be treated as such.