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By (user no longer on site) OP
over a year ago
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Just looking for a bit of advice really.
We've got our house on a repayment mortgage, could we rent it out if we wasn't living there?
Or would this need to go through the mortgage provider |
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By (user no longer on site)
over a year ago
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You will need to tell your mortgage company. Change it to a Buy to Let mortgage. We did this for a second property we owned. Ended up selling it to the tenant |
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Technically, your mortgage company may need to know and they may adjust the interest rate. You also need to make sure your insurance coverage allows for rental......and of course you need to consider tax. It ain't always easy... |
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By (user no longer on site) OP
over a year ago
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"Technically, your mortgage company may need to know and they may adjust the interest rate. You also need to make sure your insurance coverage allows for rental......and of course you need to consider tax. It ain't always easy..."
I'm just weighing up the options, I've got the chance to take on an engineering apprenticeship. But quite a significant wage drop will come with it probably about a 20k drop so keeping the house is looking unlikely hence the idea of renting it out for a year or two |
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By (user no longer on site)
over a year ago
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Would have to be changed to a Buy to Let mortgage. Usually the equity in the property would need to be at 60%+, but depends on a variety of factors, mainly income.  |
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also if you get a bad tenant you may not be able to pay the mortgage if you arnt getting paid also the matter of getting them out can be worse as you could end up with a trashed house
weather they are a person that works or not
they aint all bad so its always a risk in the end if you decide to rent it out
if you rent it out a couple of things are needed
a gas safe record for your property of all gas appliances
and firealarms should be fitted to the property its just an extra precaution |
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"also if you get a bad tenant you may not be able to pay the mortgage if you arnt getting paid also the matter of getting them out can be worse as you could end up with a trashed house
weather they are a person that works or not
they aint all bad so its always a risk in the end if you decide to rent it out
if you rent it out a couple of things are needed
a gas safe record for your property of all gas appliances
and firealarms should be fitted to the property its just an extra precaution "
That's where it is important to get references from previous landlords or get a managing agent to do it for you.... |
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By (user no longer on site)
over a year ago
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I rented my house out for few years becore selling
I had to pay mortgage provider £95 for 'Permission to Let', didn't have to change mortgage nor was there any changes to tbe rate.
Did need Gas Safety Certificate for my central heating boiler and got Landlords house insurance
Income change didn't affect it nor did buying a 2nd property |
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"all the advice above is bollox
"
very strange comment to say i actually work for a good number of landlords that own loads of flats
i have seen the run of the mill in entering these buildings for repairs
ive also had to change the locks on many a flat and a house as the tenants have been evicted from the property and theres hardly anything left in them
walls have been holed to hell, kitchen sink ripped off the wall, baths smashed and floors ripped up yes some of this may seem extreme but it does happen and they can be the smartest of people to the usual crowd that rent a property
the last tenant to be got out was someone it took 6 months to get out she trashed the whole house and kept the housing payment to themselves
you can pay to get a bad tenant out it costs 500.00 for a 24 hr eviction less if a normal eviction needs to be done
like i said theres plenty of good and bad tenants out there |
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By (user no longer on site)
over a year ago
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You will need to change mortgage, and I'd advise going through an agent to manage it, unless you have total trust and knowledge of the tenant. They will check on conditions of the house every 12 weeks or so, it costs me 10% of rental income, but can be higher for some agencies. Landlords also have to do certain things in line with regulations, gas safety certificates etc. |
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By (user no longer on site)
over a year ago
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"all the advice above is bollox
you should tell the lender, they will unlikely charge you any more interest and will probably give permission to let, sometimes a small admin fee may be charged."
Legal financial advisor here  |
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By *odareyouMan
over a year ago
not far from iceland,,,,,, tescos is nearer though :-) (near leeds) |
Speak to your lender, they'll advise you what their terms and conditions are, if you've still got your mortgage documents it'll be in there as well. after that select your tenant wisely check references, if you can get credit reference s, you'll need landlords insurance gas certificates if you use an agent negotiate with them the rate.. Like most things it can be a bumpy ride or plain sailing.
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By *horltzMan
over a year ago
heysham |
Speaking from experience , it's a massive can of worms , non payment damage etc , don't be fooled into thinking it's an easy option , and as for letting agencies , they specialise in taking their percentage , and not a lot else , I'm sure their are some good ones out their somewhere , but I haven't seen one |
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