I found myself in new territory. I have a property with a private mortgage. The current mortgage deal expires September 26.
I am considering changing to a buy to let mortgage when I renegotiate.
If I want to let the property out between March and September what changes do I need to do to make existing mortgage to allow me to let it out until September when the new mortgage comes into place
You would need to contact your existing mortgage provider and apply for a consent to let.
Google ‘consent to let’ and read the articles by comparethemarket or uswitch on this.
Ask your lender - you may well have to /ought to explain the change in your (financial etc) circumstances that mean you want to let it out, they may have limits on number of tenants, want to know the number and sort of tenants planned (students? On benefits ? Etc), the likely rent - they have to re-assess the affordability for you. If you arent living there anymore where will you be living/how will you afford the extra cost of that? Etc
You also need if possible to demonstrate you are on top of the various rules eg if you need a hmo licence etc, and will have suitable insurance in place (you will already have building insurance as a mortgage condition but need to talk to insurers to check ok for the number/sort of tenants planned)
You will also need freeholder permission to sublet if you are a leaseholder
Good luck
Thank you so much for this
Janet, I’m not sure if you’re aware, but there will be little option to let the property for a short period unless the tenant wants to leave at the end of it. Yould not be able to serve a valid s21 notice before the Renters Rights Act comes in on 1 May and after that tenancies can only be ended by the landlord under specific circumstances. In your case it would be that you have previously lived in the property and want it back. However that notice is 4 months long and can’t be served during the first year, so 16 months in total. Added to that, if the tenant doesnt leave after the notice expires, you would need to go through the courts to recover possession, which is currently taking about 8 months and likely to get longer.
I would seriously suggest you leave it empty or see whether you could use a holiday let agent to manage it for a series of short holiday lets.
@david122 , I think you may have misunderstood the post. She doesn’t just want to rent out until September. She wants to let out the property but until September isn’t on a buy to let mortgage. She wants to move a tenant in before September and presumably they will stay there after.
Oh dear. I must stop skim reading posts. 