PW1 Posted June 3, 2014 Share Posted June 3, 2014 Hello, I was curious to know if anyone chose whether or not to tell their mortgage lender that they rented out their property when they left? Did that affect your landlords insurance? Did you go to tell them but was put off moving to a buy-to-let (because of cost or whatever) and decided to leave and keep it quiet? regards, PW. Quote Link to comment Share on other sites More sharing options...
srg73 Posted June 5, 2014 Share Posted June 5, 2014 (edited) I would tell and negotiate with your mortgage and insurance providers. Landlords mortgages are circa 1% higher or specialist items and landlords insurance is very different to domestic. I deal with insurance companies on a daily basis and have seen some large claims declined due to properties being let on a domestic policy. In regards to the mortage lenders, they can/will simply void the loan meaning you have then been refused a loan which will damage your future financial standing. Buy to let mortgages can be cheap (we are looking about 50% cheaper) however they have very strict rules biggest being loan to value comparison, much less than 50% and you may struggle. S Edited June 5, 2014 by srg73 Quote Link to comment Share on other sites More sharing options...
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