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Renting without Mortgage Permission

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  • Renting without Mortgage Permission

    Hello, we have moved into rented accommodation for work purposes and put ours on the market 3 months ago. Have had some viewings but with prices dropping, our value is about to drop below what we owe on the property, therefore would rather rent out until market goes back up but my problem is that when i phoned the mortgage company to ask if we could have permission to rent out they said no. I can't remember the reason they gave but needless to say it is not a high street lender we have it is a sub prime one. I have since written to them on the off chance that the person i spoke to did not have all the facts so will wait and see but what i am really after finding is if anyone knows a letting agency who may not insist on seeing permission from the mortgage company. I am happy to follow all safety rules and insurance it is just that if they still say no, i am scuppered.

    The property is in a village north of Northampton so if anyone knows a letting agency who i could use, it would be much appreciated as several phone calls to date have drawn a blank.

    The mortgage payment has gone down £600 in the last 4 months so there is no danger (at present) that rental would not cover the mortgage. Help !

  • #2
    I would advise you definitely get permission before letting the property as in the off chance something were to happen where the mortgage company were to find out you actually went ahead and let it without their permission you would be found to be in breach of your mortgage conditions.
    Worldwide Financial Planning is a specialist independent provider of Large mortgages.


    • #3
      I am not sure about the mortgage permissions. Many mortgage companies usually allow you to rent out, so long as they know. It is unusual for them to say no.

      Good luck with getting it.

      I currently use Scott Pinkhams in Northampton to let my flat out (my flat is a BTL). They have been quite fast to get people in. (In the first instance, my flat had been with another agency for 2 months and nothing, moved to Pinkhams one morning, by 2PM, they had someone interested. I was very impressed)

      If your lender still won't let you, then if you are outside of your tie-in period, then remortgage with another company.

      (cheeky promotion...)
      Go to the site in my sig (or in my nick), click on homes and property and then click Mortgage advisor and calculator. Speak to them. They are Whole of Market advisors. They should be able to help with the transition from owner mortgage to BTL.
      Community spirited? http://www.AshfieldFOCUS.com