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J
Letting. I've decided to rent my flat out, but would my mortgage agreement prohibit me doing this?
Potentially, you will need to inform the company with which you have your mortgage.
flumpy
I let out my house a good few years ago, I had to have permission from my Mortgage company which they gave, but it was only for 1 year after that i either had to stop letting or change to a business mortgage.
There are all sorts of government regulations nowdays too you have to have the property checked by the local authority and get a certificate to say it's 'letable' etc.
Sal*UK
Depends on who your mortgage is with!
WelshLad
Contact them and find out.
Big Deal Maker
No your mortgage company is only interested in getting there payment. The only one that may have a real problem with it would be your insurance company. Be sure you have your tenant buy renters insuance.
Best of luck in your new rental
Margaret S
It is not only your mortgage company you need to inform but it will affect your insurance as well............
new nanna
Your mortgage company wouldn't know if you dont tell them. However, if you do this, you need to consider appropriate insurance.
Jim L
Hi. Obviously you could just not tell them and hope they don't find out etc but the correct way to do it is to speak to your Mortgage company. You will have to tell them that you intend to cease occupation and rent the property to a tenant. The reason for this is that you may not have a suitable mortgage for such a change and this can render your insurance void (especially the building insurance) and may also lead to penalty charges from the Mortgage company should they find out you have let the property. On the other hand, you may also find that you have no legal support should you take in a bad (or non-paying) tenant and need to take legal action against them for non payment of rent etc as a decent barrister would ask for proof that you had permission to let it out in the first place.
Seek the advice of a registered and established local Letting Agent who should be able to advise you further.
kittyboo_boo
Well...you'll need to check your mortgage agreement yourself.
But usually you're only able to let out to family.
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