Renting elsewhere whilst on a residential mortgage

cball93 · 2 May 2021 at 8:58PM

Hi,

I bought my first property just over a year ago and my dad is currently living with me.

We dont have any formal lodging/rental agreement, he just chips into the bills/mortgage every month.

For reasons i wont go into, i need to move out and rent another property for around a year or two. My dad will continue to live in my property.

Is there anything i need to be aware of? Do i need to get consent to let even though i dont have a formal arrangement with my dad?

I intend to take myself off the council tax register but i’ll probably keep the bills in my name.

Thanks

user1977 · 2 May 2021 at 9:06PM

Yes, you will need your lender's consent - it's invariably a condition of your mortgage that you continue to use the property as your principal residence.

hazyjo · 2 May 2021 at 9:59PM

You will have full landlord responsibilities. There are many rules and regulations to comply with. There's no such thing as an informal tenancy if he's paying you rent (or whatever you want to call it). Your lender will also need to grant permission - which may be unlikely due to him being family.