Do you have to ask permission

[Guest Trakki]

Just wondering if you have to ask the mortgage company permission to rent out your house? Coz would they know if someone else was living there as long as the mortgage got paid each month!!

 

Just wondered, any answers greatly received.

[Guest Martin and Val]

Hi Tracey,

I couldn't tell you if you have to tell them, but as far as I know a buy to let mortgage is at a different interest rate. I would say tell them at least it cant come back to haunt you later. I would have thought that until the mortgage is paid it is still legally theirs!

Good luck, do you have a date to go yet?

Martin

[Guest vikkiann]

Yes you have to tell them if you are renting it out instead of living there yourself. Not sure why though.

 

Vikki

[Guest Trakki]

Hi Tracey,

 

I couldn't tell you if you have to tell them, but as far as I know a buy to let mortgage is at a different interest rate. I would say tell them at least it cant come back to haunt you later. I would have thought that until the mortgage is paid it is still legally theirs!

 

Good luck, do you have a date to go yet?

Martin

 

 

Hi and thanks, We don't have a date as we were 'selling' to investors and they pulled out today. We have to vaidate by the 6th December so not much time to find a new buyer and for it to go through. We cannot afford a validation trip so need to rent out and go. Have contacted mortgage company today and they are sending me a form which I fill in and send back and then it takes 3-5 working days for them to make a decision!! I am not holding my breath I am sure they will say no! Then it will all be over.

[Guest cunnah10]

Just wondering if you have to ask the mortgage company permission to rent out your house? Coz would they know if someone else was living there as long as the mortgage got paid each month!!

 

Just wondered, any answers greatly received.

Hi Tracey

 

I am soooo sorry to hear that it has fallen through with your house!

 

We were looking into renting our house out if we hadn't managed to sell (But luckily we have sold)

The advise we were given is this.............yes you are "supposed" to tell your mortgage lenders BUT we were paying "interest only" mortgage and we were NOT going to tell our morgage lender and as long as our monthly payment was made they would NOT have Known any different!!!

Know a lot of people doing this!

However to cover yourself for insurance reasons i definately would advise you to have a "landlords" insurance (as we would have done) which was about £25 per month so god forbid something happened to your property whilst you were renting it out then you would be covered and if you had to make a claim it would be the insurance company that dealt with you NOT your mortgage lender!

 

Will your job offer still stand?

 

Hope this helps and good luck

[Guest vikkiann]

Did you ask the mortgage company why they needed to be informed?

I don't understand what the difference makes.

I hope you find a solution even if it is telling the mortgage company a little white lie surely what they don't know won't hurt them.

 

Vikki

[Guest cunnah10]

Did you ask the mortgage company why they needed to be informed?

I don't understand what the difference makes.

I hope you find a solution even if it is telling the mortgage company a little white lie surely what they don't know won't hurt them.

 

Vikki

Has to be your decision Tracey BUT i know what i would do if i were in your position!!!

 

But it's what you feel comfortable doing!

 

Good Luck

[Guest macu68]

Just wondering if you have to ask the mortgage company permission to rent out your house? Coz would they know if someone else was living there as long as the mortgage got paid each month!!

 

Just wondered, any answers greatly received.

Just to add..... The mortgage you already have is different to a buy to let mortgage. You can only lend around 75% of the property value for buy to let, you can change mortgage but they may want some money from you. Should you not declare that the property is now being rented any insurance claims made on the property might not be paid out. Its all pretty technical and I don't know much more than that. Maybe you should get some independant advice from someone, get some friends to recommend one. I know a great independant financial adviser but he is based in the northwest.

 

Hope it all works out for you.

 

Mary xxx

[Guest Trakki]

Will your job offer still stand?

 

Hope this helps and good luck

 

Thankyou all for your advice, really don't know what to do. Mega down at the mo as only found out this morning. As far as my job is concerned they have not yet said they need a deadline when I will be there but I think they may soon seeing that I told them originally we would be ther mid August!!

 

Thanks again

[Guest cunnah10]

Thankyou all for your advice, really don't know what to do. Mega down at the mo as only found out this morning. As far as my job is concerned they have not yet said they need a deadline when I will be there but I think they may soon seeing that I told them originally we would be ther mid August!!

 

Thanks again

Sleep on it Tracey!

give yourself time to think before making any decisions that you may regret at this stage!

 

All i can say is what i've told you.........being we were going to rent our house out and we were NOT going to tell our mortgage company BUT we wouldn't have done this without taking insurance cover with a "Landlords" insurance (which is so easy to get and lots of different companies to choose from.........i can pass you some names and numbers on maybe and you could make enquiries)

 

 

get some sleep and see what you both think you should do in the morning!

 

Goodnight godbless

[Guest macu68]

Don't forget on the job front that nurses/midwives/doctors are in demand. You will have a job to go to even if this one does fall through. I am sure friends of mine have gone over 2 yrs later than originally planned!!!!! So I am sure a few more weeks won't make too much of a difference. Is there no agencies that will buy your home? There seems to be loads popping up here, willing to buy at the full valuation, not worked out what the catch is yet though, might not even be one. You could arrange an open day/weekend with your estate agent and see what offers you get. If you can afford to ask for less than what you are trying to sell for there is always an auction, you can put a reserve price on it. All lots of work and time involved but may be worth it to make a clean break. What about offering estate agent a cash bonus/incentive to sell the house within 8 weeks.

 

Good luck with it all, I am dreading getting to this point with our house, I know it will happen, its the same everywhere I think.

 

Mary xx

[Guest Martin and Val]

Hi and thanks, We don't have a date as we were 'selling' to investors and they pulled out today.

 

So sorry to read this Tracey & Pete,

Keep your Chin up, it will happen in the end I'm sure.

Good luck to you.

[Guest dunnarunna]

we took the risk and moved without selling, now we have no choice but to rent, after a very stressful call to the monkeys at barclays last night, we found out that we have to apply for permission to rent and it will cost us £100. wish i hadnt said anything but we have a guarenteed rental for 2 years with the council so suppose we have to let the mortgage company know. i want this nightmare to end:arghh:

[Guest caoimhe]

Sleep on it Tracey!

give yourself time to think before making any decisions that you may regret at this stage!

 

All i can say is what i've told you.........being we were going to rent our house out and we were NOT going to tell our mortgage company BUT we wouldn't have done this without taking insurance cover with a "Landlords" insurance (which is so easy to get and lots of different companies to choose from.........i can pass you some names and numbers on maybe and you could make enquiries)

 

 

get some sleep and see what you both think you should do in the morning!

 

Goodnight godbless

 

Got to agree with Gill on this one

 

The only reason a mortgage lender wants to know is just in case you default on your payment and they have to repossess the house, this is hard for them if there are tenants there that have proof of paying their rent

Have sent you a pm about this Tracey

[Liz and Kris UK]

Hiya,

 

We rent our house out in the uk and we had considered telling the mortgage lenders(Halifax) we phoned up to ask more and they wanted quite a bit of money!

 

In the end we asked our independent mortgage advisor and he said as long as your mortgage is being paid they dont really bother. We also have our house and contents insurance with them and its the same insurance they use for landlords. We were told the insurance company told have access to check up on your mortgage details if you change your insurance to landlords if you use the same company. We were told that most people dont really inform them. However it is always a worry so its what suits you best.

 

Liz

[Guest Yapp]

Just wondering if you have to ask the mortgage company permission to rent out your house? Coz would they know if someone else was living there as long as the mortgage got paid each month!!

 

Just wondered, any answers greatly received.

 

Hi Tracey,

 

We moved to Malaysia 3 yrs ago and I rented my house. I did let my mortgage company know, only for peace of mind really, as I had heard some horror stories, as you do with most things. Anyway, there was no charge, and they said they would agree to 1 yr. Plus I was required to get an agency. If there were no problems in that year, then I could continue. Which I have done. I also got landlords insurance, which worked out cheaper than my other house insurance.

 

I guess it really depends on your situation. I was happy to get an agency to manage the house, as I have no family in the UK and although they charge a fee (10%) I think it is worth it. They do everything for me and to me that is one less worry. The rent covers the mortgage, insurance, plus the agency fee and there is still some left over.

 

That said, as others have already said, you need to do what feels right for you and what suits your situation.

 

I wish you all the best.

Carmen

[Guest Trakki]

Thankyou everyone, we are still in 2 minds of what to do, we are looking at selling at knock down price to investers but they are not even offering enough to cover the mortgage. I don't think I will tell the mortgage comapny as they are bound (with my luck) to say no!! Can anyone gove me any names of landlords insurance companies that they have used. Also got to find an agent. is the landlords insurance as well as your builings and contents or instead of?

 

Thanks again

[Guest mubley]

Tracey some insurance companies don't even insure a property that is being rented out. Your company may be one of those. In that case you would have NO cover. Don't put yourself in such a dangerous position. Let all interested parties know what you are doing. It might cost you more but it's not worth the risk.

[Guest Yapp]

Ok the landlords insurance was done via the agent and this is instead of your current building and contents insurance. This usually works out cheaper. You won't need contents insurance, as it will be someone elses stuff in the property, that is up to them to get. I left my house empty, but if you are leaving furniture in the property, you will need to make sure it has had safety checks and this does cost, hence the reason I left mine empty. I know some might say don't bother with this, but should there be an accident, such as an electrical fault, as the landlord, you are actually liable.

 

If you have decided to get an agent, then check out the ones in your area. Ask what their % is, usually 10 - 15% of monthly rent, also ask how many times they visit the property, if they have a waiting list for rented property, no use going with an agent if no one looks at their property. They should also have their own DIY man as such. Say a washer goes on a tap, you would expect them to get it sorted for you, not contact you and then wait for your instruction.

 

Hope this has helped.

[Guest deanrm]

Hi Tracey

 

Really sorry to hear that your sellers have pulled out.

 

We have a very good friend who is a Estate Agent in Gainsboro'. If you wanted I could ask him to give you a ring to discuss things. I know he is in contact with a few investors. You never know he might be able to think of something else?????????????

 

And again, really sorry to hear your news.

 

Trisha

[Guest kenmcfadyen]

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!?

 

Ken

[Guest vikkiann]

Tracey

 

I was just wondering did you decide to rent or sell?

 

Vikki

[Guest Trakki]

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.

 

Thanks

[Liz and Kris UK]

Good luck with renting your house hope all goes well.

 

Kris

 

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.

 

Thanks

[Guest cunnah10]

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.

 

Thanks

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)

Well we sign our house over to our buyers tomorrow!!!!!

 

Still no dam visa though..........heyho such is life !!!