corinne14470 Posted July 9, 2012 Share Posted July 9, 2012 About to do this and got a standard mortgage - unable to get buy to let as needed to free up some equity and therfore buy to let would not have given us enough. Going to rent but now wary about all insurance being invalid and life assuarance also?? Please anyone advise? Please PM me if you require... Link to comment Share on other sites More sharing options...
DaveS Posted July 9, 2012 Share Posted July 9, 2012 This has been discussed before on this forum. Ultimately you run a risk by not informing your lender - and might find other hurdles alongside those risks including letting agencies asking for evidence of your permission to let. Have you explained the situation to your lender in full? (that you are leaving the UK) Link to comment Share on other sites More sharing options...
wonder Posted July 9, 2012 Share Posted July 9, 2012 If I understand your question/situation right you are on a standard mortgage but want to rent out your property? I currently rent out a property which is on a standard mortgage - however I made sure when I took the standard mortgage that I would be allowed to rent the property out. What I had to do was request from the bank I have my mortgage with that I could rent the property out - they sent me some forms to fill in (they wouldn't allow it under certain circumstances - for e.g if you are renting out to DSS), and I got approval. Note that I had been living in the property when I took out the mortgage, and had continued to live in the property for the 1st year of the mortgage product being taken out, so it was clear that I had not taken out a standard mortgage purely with the intent of immediately renting it out. Link to comment Share on other sites More sharing options...
DBC Posted July 9, 2012 Share Posted July 9, 2012 Hi, we own our house back in the UK and are now renting it out. We told our lender as it was required by the rental agent as stated above. We were not charged a fee but after 6 months we are charged a bit more interest monthly. Link to comment Share on other sites More sharing options...
Alaska Posted July 9, 2012 Share Posted July 9, 2012 We do not have a buy to let mortgage either but have CONSENT to let. This means that we keep on our standard fixed mortgage but can rent it out. We had to pay £295 I think for this but can stay on the fixed mortgage til the end of the term (2014) by which time we will hopefully know if we can get PR and stay if we wish to. Have you called your lender? Ours told us on the phone in a couple minutes that it would be possible then we did the paperwork which was basically sending a letter informing them I seem to remember. Link to comment Share on other sites More sharing options...
corinne14470 Posted July 9, 2012 Author Share Posted July 9, 2012 Oh dear, thanks for your replies. We have just changed mortgage providers because the previous (abs rubbish provider) would not release any further funds from our 50k equity. I think I have to take the risk as if they say no I'm stuck and oz is not on the cards. If i ring them and make them aware they may withdraw funds or just keep an eye on me:mask: - I will be retruning over £300pcm as it is to cover mortgage after rental... oh dear. Initially our house sold then fell through after 8 weeks in the process by bottom of chain... I am not dishonest by nature btw!! Just juggling finances... Link to comment Share on other sites More sharing options...
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