Do i have to change my mortgage to rent out my property?
So i am on a fixed rate mortgage for five years, but i was thinking of buying another property and moving to that, and renting this one out. do i need to change my mortgage to buy to let? or can i rent my property out and get the tennant to sign a contract etc?
Answer
You have to inform your lender, your current mortgage may state that you are not allowed to rent out the property without their prior consent. if you do rent out the property without their consent, you are in breach of their terms and could lose the propertyin any event, it may also be a nice time to re-mortgage but if you so, ask for a buy to let..much better interet rates at the moment.
