Letting my flat

hkw1

Hi - just wondered if anyone had any advice or experience in letting their property?

I've just transferred my mortgage to Intelligent Finance and have also now decided to move in with my partner. I'm planning to let my property. Yesterday I rang IF to find out what I needed to do in order to let the property and was told "we don't allow you to let your property, you'll have to find another mortgage company". I was quite shocked by this and got myself all upset. Anyway, this morning I have read the terms and conditions and it doesn't mention anywhere that I can not let the property (by obviously have to let them know). I rang again and spoke to someone else who's told me I have to write to them and then it'll all move forward from there. Does anyone have any idea how long this might take? Or have you also been given duff information by IF?

Thanks!

Reaper

I have rented out before, although not with IF so I can't be specific.

Normally lenders will charge you an admin fee and increase your interest rate, typically by 1%. I felt a bit aggrieved that they were nicking some of the rent money for doing nothing but I guess there is nothing you can do about it (unless you are very naughty and don't tell them).

They will also give you a list of conditions to fulfil - such as wording to be included in the tenancy agreement and sending them a copy of it.

As long as you do the things they ask it takes very little time. A matter of days if they are efficient.

greedwatchuk

dont worry about it,as long as you pay your mortgage thats what they are concerned about.What you need to do however is insure it for letting purposes.Whats the worst the mortgage company can do, ask for their money back?I doubt they will do that if you are paying it.Sounds like you spoke to some dumb callcentre idiot who knows no better!Hope that helps