can i let a property if it wasnt BUY TO LET????

Dick_here

Johnk1 wrote: »

The tricky thing now is that when my current deal expires I am looking at another BTL product fixed for 2 years at 7.69%, or moving to their SVR + .25% which is/was the only other option. I am reluctant to tie in for another 2 years not only because of the poor rate but because it is likely I will return to the UK in that time and may well move back or sell the property....if so I do not want to have to face early repayment charges for getting out of the BTL product.

Stick to the SVR then.

Johnk1

Yep thats the current thinking.

Chelsea's SVR is 7.49% so +.25% = 7.74%. Not the best but no remortgage fees and you never know, rates might actually drop at some point ?!

Captain_Mainwaring_2

JayZed wrote: »

I agree with the comments above - I let out my property last year while I was overseas and didn't inform my mortgage company. I did inform my insurers though, and made sure that I took out landlord's insurance.

There is a catch, though, if you are planning to have the property managed by a lettings agency (as opposed to managing it yourself). The lettings agency will almost certainly want to see a letter of consent from the mortgage provider.

So if you're going to manage it yourself, you can get away without telling your mortgage provider (but do tell your insurers). If you're going to get it managed, you may need to seek consent from your mortgage provider - but as long as you've been living there and had the mortgage for at least a few months, you're likely to get consent (though they may charge a small fee, around £100-£200).

And also remember that the tenant/agent is obliged to deduct tax from the rental payments in the case of non resident/overseas landlords unless you have consent from the IR.

Noz

I think it really does come down to individual lenders and their own attitude

albo2002

does anyone know how Portman deal with this?

I know that with Nationwide, you simply ring them up, tell them you're letting it out, and that's it, you dont have to pay for it. Unfortunately, even though Portman are now owned by Nationwide, if you got the mortgage out through Portman they do it differently, although they wouldnt tell me how.

Also, is it a risk if you get the right tenanted buildings insurance but dont tell the lender? Would the insurer still pay up if there was a fire?