It seems that there are many people in the same situation. We rented out our house last week and we are still wondering whether to bother telling the mortgage lender. I really fail to see the point so long as the mortgage gets paid. We will have insurance and our agency have carried out safety checks and will visit quarterly as part of the agreement we have with them.
If it's any help, our house rented within one week to the first person who came to look at it - such a shame the same didn't happen when we tried to sell it! We are trying to be philosophical about it now (i.e. making ourselves feel better) by saying how much we would kick ourselves if we sold it at rock bottom price, then in a few years time it was worth much more - we're now thinking of it as an investment! Who am I trying to convince!?
I was just wondering did you decide to rent or sell?
We have decided to rent. We do not have enough time to sell. We have had agent around and are getting sorted. We are not going to tell the mortgage company as we don't meet their criteria for renting so what they don't know won't hurt them!! As long as the mortgage is paid.
We fly on the 17th September and hope to have someone in soon after that.
Good luck with renting your house hope all goes well.
Originally Posted by Trakki
Good Luck Tracey - i would have done the same in your position but just make sure that you are covered by "landord" insurance as i said in previous thread (god forbid but you just never know what could happen and if you weren't covered by insurance you would be gutted)
Originally Posted by Trakki
Well we sign our house over to our buyers tomorrow!!!!!
Still no dam visa though..........heyho such is life !!!
I totally agree with Gill's sentiments. When we switched from living in our house to renting it out, we asked our insurance company if they would continue to give us cover i.e. "landlord insurance". They declined. If anything had happened to our house we would not have rec'd a penny. So obviously we found another company. And don't think that unfortunate things don't happen. The house next to my daughter's was badly burnt about nine month's ago. Your house is your main capital - don't put it at risk!!!!!! No little whitelies!!!!
I am sorting out landlord insurance through the agent. Looked loads up on line but just got confused (this does happen easily!!) so as we have so much to do in such a little time we are just letting the agents sort it.
Only 4 weeks today til we go, 3.5 til we leave
Now I have hit a problem. Just filling out the paperwork from the agents and they require a copy of my mortgage statement and if this doesn't have 'buy to let' mortgage written on it I have to include a letter of permission from the mortgage company. Now realy stuck as I know the mortgage company won't give me permission.
Help, what can I do now, there are too many hurdles coming up, I am just about at the endof my tether with it all.
We are going through the renting our house process in the UK as finding it hard to meet the mortgage there and rent here. You really need to tell the mortgage company because the rental agent will contact them anyway. We discovered that if you don't you can get into all sorts of strife!!The rental agent and the Mortgage company communicate directly to each other so that the rental company are fulfilling the mortgage companies critera for renting i.e no council tenants or unemployed etc. The Mortgage company keep a record of the tenancy agreement as well.
We were told this by our Mortgage company who have been really helpful. Hope this helps!:)