Want to rent my house but not got a BTL mortgage. Problem???

Pygmymonkey

I'm thinking of renting my house out, but have only recently signed up to a 5 year repayment mortgage. Does anyone know where i stand legally with renting out my house?
If i do rent it out then it wouldn't bring in enough to cover the mortgage. Should i change to an interest only? would i incurr early repayment charges or would my mortgage company (nationwide) just change my type of mortgage free of charge? would they make me take out a buy to let and charge me stupid interest rates?
And lastly, what would i have to do regarding my insurance?

Anyone got advice or personal experience they want to share on some or all of the above questions???

Cheers in advance.

Zammo

Best thing to do is to give your lender a call.

I was able to get permission by sending them a copy of the tenancy agreement and a £100 admin charge.

poppy10_2

There's usually a token charge, but you are always best to inform them.

clutton_2

if you dont inform your mortgage lender, you are committing mortgage fraud. your insurance may be invalid if you are not insured for tenants as occupiers, rather than you.

Pygmymonkey

Zammo wrote: »

Best thing to do is to give your lender a call.

I was able to get permission by sending them a copy of the tenancy agreement and a £100 admin charge.

Thanks everyone for your comments. I'm feeling alot happier now! (well, more positive anyway....)

Pygmymonkey