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Can banks find out?
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A job move is a good reason, so let them know.
If they say no, I would let it anyway. Get the correct landlords insurance to cover yourself.
The mortgage interest is an allowable expense against the rental income. You will have to refer to your annual mortgage statement to see the amount of interest paid.
Any overall loss can be carried over to future years, but can only be put against other unearned (generally rental) income.
Even though your potential tenants are friends I would still enter a formal AST to avoid any future problems.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Speak to the lender and ask them whether they would let you rent it out indefinitly or just for 12 months at a time and at what cost.I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.0
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Who is the lender?
Here we go, I have my hard hat on for you do gooders and my FSA hat is in the office as it is Sunday!!
If it is making you ill just let it out! As long as you dont miss a payment and the buildings are insured they will never know.
If they find out they will do 1 of 3 things 1. Ignore it 2. SAy ok but increase your rate 3. (Worse case) demand you pay the mortgage back (You will be given time to sort a remortgage out and they will not want to go through the legal rubbish!)
What the point of being ill over such a thing. Dont worry, people are doing far worse things out there than this. Nobody will die!
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Just wanted to say thank you to everyone who took the time to reply to my thread. There are some very good points. I will print them out and make a desicion.
Very useful forum place.
thank you0
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