the hutchies Posted November 5, 2008 Share Posted November 5, 2008 does anyone out there know if you can rent your house out on a normal mortgage?? we heard from someone you can rent it out for 6months contracts at a time... Lisax Link to comment Share on other sites More sharing options...
Guest dan&nikki Posted November 5, 2008 Share Posted November 5, 2008 do mean herein the UK? we are going to be renting ours out -theres no problem with how long. we will however be getting intouch with our mortgage lender and buildings insurer to tell them. id personally go thru an agent, as we are going to be so far away we want the peace of mind! Link to comment Share on other sites More sharing options...
Guest Hill's Downunder Posted November 5, 2008 Share Posted November 5, 2008 Hello Lisa, We will need to rent our home out also, we have spoken to our mortgage lender and they have advised us that we have to inform them if we intend to rent the property out as the policy may need to change. I would contact your mortgage company just to be on the safe side!!! Good luck and all the best ! ! ! Link to comment Share on other sites More sharing options...
Guest mandisfam Posted November 5, 2008 Share Posted November 5, 2008 Hi Lisa, I rented my flat out when I went out to Oz before. Yes, you do have to inform your mortgage company. They maybe happy for you to rent out or you may have to change your policy with them, don't recall having a specified length of time though. Again with insurance, you need to tell the insurance company. I ended up changing my insurance to company use to dealing with property that is rented. It basically covered for everything including non paying tenants. So well worth a look at. Any letting agent can advise on this. Good Luck, Mary x Link to comment Share on other sites More sharing options...
Jackboots Posted November 5, 2008 Share Posted November 5, 2008 hi lisa , we rented ours out and we kept the same mortgage but we had to get permission from our lender to do this,and we used ultimate let with a company called belvoir letting 's all over the country , they sorted all the other stuff ie gas , electric checks and all the insurance policies.. we kept the same mortgage contract though! Link to comment Share on other sites More sharing options...
the hutchies Posted November 5, 2008 Author Share Posted November 5, 2008 thanks for the replies... i am waiting for my morgage lender to get back to me as i type...we know the lad we are hoping to rent out to...his dad and brother live in Oz...and he has said he will look after the house and we know he will... even so...still trying to decide whether to use an agent...it is all pretty new to us we haven't thought about renting because ideally we wanted to sell...so at the mo my head is a shed not knowing which way to turn and what we need to sort out before we go Lisax:swoon: Link to comment Share on other sites More sharing options...
Jackboots Posted November 5, 2008 Share Posted November 5, 2008 if i was asked i'd say it does not matter how well you know a person, circumstances change, for everyone , so for us to rent the house " your home" id say its crossing over to being a buisnesss, and thats it in a nut, buisness is buisness !, what im trying to say is that if somewhere down the line for any reasons your tennent can't pay the rent where is your back up? just a thought .. and agent yes they do take a wadge of your cash but ... they have the back up bits and your rent will still get pd, for us its peace of mind over the long distance , also if things go wrong with the property they sort it all legal and above board! GOOD LUCK !! Link to comment Share on other sites More sharing options...
Guest littlesarah Posted November 5, 2008 Share Posted November 5, 2008 Hello Lisa I'd just add that your tenant will also have peace of mind if you use an agent, in that any problems (e.g. water leak, storm damage or any other unforseen event) will be dealt with by people paid to sort it out! When I let my property (furnished), the fridge broke, and I was out of contact (on holiday in remote Australia) - the agent organised a reconditioned one which kept tenants happy (it was summer 2003!) and pleased me cos didn't cost too much! :spinny: Good luck (looks like we might have to rent our place out too, at this rate!) Sarah Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.