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I have just bought a new terraced cottage in a village and want to give it a name. My name is benton. any ideas?
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I Love To Be Hated | Is It A Criminal Offense If I Take Out A First Time Buyer Mortgage and Then Place The Property On Rent? |
Say for example if I take out a first time buyer mortgage and then place the property on rent however I DO declare to the taxman that the property has been placed on rent,......Is this permitted?
Thanks
Additional Details
I am in the UK |
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Unbiased Find a Mortgage Adviser
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To let out a property for which you have a residential mortgage secured against would break the contract with your mortgage lender. It is a contractual offence. If you want to let out the property the best advice is to ask your current lender for consent to let. If your lender agrees to this, they may simply charge you a small fee or increase your interest rate, but at least you know everything is above board.
Remember your insurance provider should also be informed.
Peter McGahan
http://www.wwfp.net/mortgage/mortgage-broker.html
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.impartial.co.uk. |
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ridder
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Check out your contract for your mortgage. It may have a claus that prevents you from renting. It may say that it needs to be your primary residence. |
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Lily B Talus
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there will probably be something in the contract that prevents you from doing this as these mortgages are not intended for business people |
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THE FATMAN
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it depends on your contract with the mortgage company some stipulate that you cannot rent the property out if you want to do that you have to re-negotiate the terms and conditions of the mortgage unless you are very lucky this will probably mean you will end up paying more |
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A D
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You don't say where you are located or where the property is, but in the US,
If you apply for a home mortgage loan stating that you will be occupying the house as your primary residence and then immediately rent it out, you might be liable for loan fraud. And, there are stiff penalties (maybe even jail time) that could apply. The lender may be able to call the loan due and you would either have to pay off all the mortgage immediately or lose the house.
When you buy a house as your primary residence, there are usually lower interest rates, more lenient debt to income ratios, lower down payments.
You might want to reconsider this course of action. |
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kate
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My ex landlady did this, but she didn't declare it to the tax office either... When she tried to keep my bond {unjustifiably} I brought this up with her. =P
Nasty, nasty woman, good job I knew how things worked. My new landlady is much more professional and I plan on staying here for a few years now. |
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Andy E
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It is not a criminal offence as your mortgage agreement is a private contract and is not governed by criminal law.
However, it will almost certainly be against the terms of your mortgage agreement. Most banks and building societies charge a fee to consider a 'consent to lease' application - your lender may insist that you change mortgage product type, and this could be to a more expensive loan. |
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Mike L
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Move in first then contact the lender and say your circumstances have changed and you now need to rent the property, most will say ok, some will up your rate a bit.
You must must must however tell your insurer. |
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old.holly265
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Right, assuming that we are in the UK for this question, I would have to advise not doing what you propose. There are a few good reasons why.
Firstly, you will have noticed that the rates payable and the general terms on a buy-to-let mortgage are not as favourable as they are for an owner-occupier's mortgage. If you lie (and let's make no bones about it, this would be a bare-faced lie), you are committing a criminal offence under the Theft Act 1968. It's called "obtaining a pecuniary advantage by deception", for which you could be prosecuted: not a good idea.
Next, you have to consider the terms of the mortgage themselves as the basis of a contract. This would be a flagrant breach of the terms, entitling the mortgagee to foreclose. And your asset goes out of the window in a puff of legal logic.
So, you run the risk of a prosecution and the risk of losing your asset. And no matter how many times you ask the question, the law will still be the same. |
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SimonC
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It is unlikely to be a criminal offence, although it could be fraud.
But, it will almost certainly be a breach of your contract with the mortgage company. This could make you liable to repay the entire loan straight away. |
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sleepless in london
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probably not if you lived in it first.
But then you would have to contact the mortgage company and tell them you were going away for a while and could you let it.
People do let out their houses so they're either doing it illegally or lenders have provision for this kind of thing. Othewise u'd never beable to work abroad or anything, and that seems unlikely. |
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LegoGirl33
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You can rent privatly without declaring it! If its a regular mortgage you should be ok... |
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