TopBanana

i.e. where you're not allowed to let it out.

Would they actually do anything if they found out? I'm thinking of keeping my current place when I move, but I can't be bothered remortgaging it

NACRO

Q: "Would they actually do anything if they found out?"

I think if you read the small print it says they can make you pay the difference between the rate you pay and buy to let (it does in my mortgage anyway). Plus you might find if the place burnt down you wouldn't be insured.

Chances of them finding out however are minimal as long as your a good boy and pay the mortgage on time.

Neil Smalley

Why not re finance your old place for more than the current mortgage, let the tennents pay the new mortage(ensuring the rent is the going rate for the area) for you and leave yourself with a nice tax free cash sum? If you use rent as income you pay tax on it.

Clarebabes

When I did this, I actually told my mortgage co. and they were cool. I just had to pay £100 admin fee to get them to change some of their records. Call them, you've got nothing to lose!

douglasb

The address of the property with the mortgage and the address for regular correspondence being different might just give them a clue.

I did pretty much the same thing with the Halifax about 15 years ago. Told them that the house was rented out. The only thing that they insisted on was that as I was 400 miles away from the house, they wanted it rented and managed by a local property management company. They charged an extra 0.5% interest IIRC. As NACRO says, you will also need to let the insurance company know.

Assuming that you will need a mortgage for the new place, isn't there something in the new mortgage application that says that you don't have any existing mortgage, and wouldn't the new lender's credit checking find that you already have a mortgage?

Doug

scoobydooooo

when my brother tried this with a flat they went ape , so he just said ok and never told them , its the subletting that they get upset about .the thing is some do some don,t obviously , but if you ask and they say no , but they could say yes , YOU DECIDE !!

NACRO

quote: "The address of the property with the mortgage and the address for regular correspondence being different might just give them a clue"

ever heard of a mail redirect? Some people just don't think laterally

douglasb

NACRO - I have heard of mail redirect and have used it in the past. Trouble is that when I used it approximately half of my mail went missing (remember, we're talking of Royal Mail here).

NACRO

Well as long as some of it goes missing and doesn't go to the address in question I'd say jobs a good un. After all most mail is a load of rubbish anyway.

BTW I have a mail redirect set up from my old house I sold and 99% of stuff arrives no problem-good old Royal Mail.

corradoboy

.......................................Royal Mail, grrrrrrrrr

[Edited by corradoboy - 9/11/2003 11:27:08 AM]