ScoobLou

iTrader: (21)

I want to rent my flat out.

Do I have to change my mortgage to a buy to let? How does it work

I will be going to see an Agent but would like a general idea of what I have to do as I've never done it before.

TopBanana

Strictly speaking you should contact the mortgage company, although many people don't bother.

Kev_turbo

Check the small print, most say residential use only, renting out makes it a business property.

ScoobLou

iTrader: (21)

My Mortgage is up in March so a perfect time to discuss with them the best way forward.

I will probably go and see an Mortgage Advisor.

Account deleted by request

Don't tell your mortgage lender if this is your only property as you will get rubbish rates etc. Just rent it out and redirect mail with Royal Mail addressed to you at that address. That way you get all post from them and they will never find out. I have rented quite a few places out and never declare it to mortgage companies. If you did get caught I have always planned to use the innocent line that I never read the small print!

Chop

PaulC72

[Alot of people do not tell their mortgage companies and I doubt they would actually do anything to you except probably put you on the BTL rate and try and recoup the additional cost for the period you were not on the right product.

Also if you are renting out to family you may not need to change to a BTL product as peole like halifax for instance allow you to stay on the normal mortgages if renting out to family.

LanCat

Also check your insurance cover is right.

ChrisB

I checked with my mortgage company and they said okay, which they confirmed in writing.

PaulC72

Landlords insurance it also provides longer vacant property cover than normal policies from what I remember.

endsleigh do a resonable one but there are many around.

cookstar

iTrader: (6)

Rented out flat out last month when we bought our house, we didn't bother telling the mortgage company as our fixed rate is up soon, so will remortgage and let them know at the time. It is however important to let your insurance companies know whats going on.


Do not pay the agents initial fee quoted, they are normally very negotiable.

cookstar

iTrader: (6)

Do you mind me asking what lender that was with?

salsa-king

if renting out you'll need an EPC, if using an Agent they should tell you all about that and the tenacy deposit scheme.