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renting out a normal mortgage property

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  • renting out a normal mortgage property

    hi i previously queried a problem i had where a mineshaft had all of a sudden appeared on a property and was enabling someone to attempt to buy my home for half its value. well here is my situation now i have just halted the mortgage company selling the property for 50k and have said i will now rent out the property but i do not know the legal implications of this as it is really just a last gasp at trying not to leave me and my parents in 40k worth of debt.other than pay the mortgage company a bit more interest what else do i need to do legally or to the property to enable me to rent it out.The property is in wolverhampton and i would still be happy to recieve other information as i am now seeking legal action against the council as they did not make us aware of the mineshaft when selling us the property.

  • #2
    Re: renting out a normal mortgage property

    Not from experience but from what I got told by Barclays, If you have a standard mortgage you can have a clause in your agreement which allows you to rent the property out.
    Although you do need to have a letter box whereas mail from the landlord (yourself) would be able to access separately.
    The reason I say this is because I was looking into Buy-to-Let and the interest rates are sky high as the banks know your making money so they want to earn their bit, so I go advised to the above.
    Just be certain to check what I have said with your bank etc as they may be different from Barclays/Woolwich.

    Wish you the best of luck!

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    • #3
      Re: renting out a normal mortgage property

      Most lenders will ask you to apply for consent to let and will apply certain conditions to the consent e.g. increased interest rate, no DSS, ASY based rental etc.

      That being said they do not have to give consent and can just ask you to repay the mortgage
      Adam Long

      www.quickhomeseller.co.uk

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