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First time buyer –rent it for short term

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  • First time buyer –rent it for short term

    Hi All,

    We are first time buyer. We are currently renting now. We had been looking for house for very long time. Reason why it took long time because of our preference location/specification in house etc. At last we found our house and contracts have been exchanged now. This new house is about 100 miles away from where we rent at the moment and our jobs (contract) are based near to the place where we rent at the moment, at least till Feb-2014. We don’t want to move to our new house now, not until Febuary-2014 because of proximity to our contract work place. But we have to complete the contract by mid next month-July.

    So my question is, is it possible to rent our new house for next 6 months? Can I do it? I don’t think our mortgage lender would allow it. Or can we rent the house for 6 months without letting our mortgage provider know. Any issues with it? Do people do this?

    Other option for us is to pay rent here and also mortgage and bills for both houses. We can manage this but will have a big hole in my pocket.

    Do I have any other option? Any suggestion and any things I have to look for?

    Thanks in advance

  • #2
    Re: First time buyer –rent it for short term

    Basically, if you're looking to rent the house, it's a change of use the mortgage provider would not be happy about.

    Additionally, you want to be very careful of becoming an accidental landlord. There are so many traps you could fall into to make your life a nightmare.

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