History2 mins ago
Letting out flat - fees/mortgage company
Hi
I'm having to let out my flat and I've heard people talk about asking your mortgage company first. Has anyone had to do this and can they say no to renting out your property?
Also, is there any fee for this? I'm going through all my mortgage paperwork and there is one page that has a whole load of boxes with fees. Theres one box that says "Letting Fee Annual �100" and thats it. Theres nothing else I've seen in any of the paperwork I have that mentions letting
I'm having to let out my flat and I've heard people talk about asking your mortgage company first. Has anyone had to do this and can they say no to renting out your property?
Also, is there any fee for this? I'm going through all my mortgage paperwork and there is one page that has a whole load of boxes with fees. Theres one box that says "Letting Fee Annual �100" and thats it. Theres nothing else I've seen in any of the paperwork I have that mentions letting
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It is normally a condition of your mortgage that you live in the property and you need their consent to let it out.
This is because if they ever need to repossess it is so much more difficult with third party tenants.
Your mortgage repayments will probably increase (not always) and you have to inform your house insurance companies - the buildings insurance will certainly increase.
This is because if they ever need to repossess it is so much more difficult with third party tenants.
Your mortgage repayments will probably increase (not always) and you have to inform your house insurance companies - the buildings insurance will certainly increase.
It may not go up at all, but there is a possibility that it may.
Without my crystal ball to tell me who you mortgage company is with, the terms and conditions of your mortgage and all other relevant facts, it is impossible to say.
Monday morning, phone your mortgage company and discuss it with them.
That has got to be better than speculating.
It is enough to know that yes, you do have to get the consent of the mortgage company before you let, and yes, it may increase the mortgage costs.
Without my crystal ball to tell me who you mortgage company is with, the terms and conditions of your mortgage and all other relevant facts, it is impossible to say.
Monday morning, phone your mortgage company and discuss it with them.
That has got to be better than speculating.
It is enough to know that yes, you do have to get the consent of the mortgage company before you let, and yes, it may increase the mortgage costs.
What would happen if they said no and we let it out anyway?
Me and my boyfriend are in quite an awkward situation. We're not living in the flat, cant afford all the bills. So our only option is to try and rent it whilst its up for sale and if our mortgage company doesn't let us I don't know what we'll do
Me and my boyfriend are in quite an awkward situation. We're not living in the flat, cant afford all the bills. So our only option is to try and rent it whilst its up for sale and if our mortgage company doesn't let us I don't know what we'll do
hi
been on the phone to northern rock this morning. for anyone thats in the same position as me this is what they said.
they charge a one off payment of �100 if you let your property out for 12 months if its going to be over 12 months its �250 but..... they send out a pack that you have to fill out and send back to them to asses whether or not they will give you permission to let out the property.
i'm waiting on the pack so fingers crossed. they did say they're quite quick at making a decision once they have your pack
been on the phone to northern rock this morning. for anyone thats in the same position as me this is what they said.
they charge a one off payment of �100 if you let your property out for 12 months if its going to be over 12 months its �250 but..... they send out a pack that you have to fill out and send back to them to asses whether or not they will give you permission to let out the property.
i'm waiting on the pack so fingers crossed. they did say they're quite quick at making a decision once they have your pack
hi ethel - yeah, definately getting there permission before i do anything. i don't seem to be having much luck just now so wouldn't want to make things worse!!
gave them a wee call a minute ago. they cant really do anything until l i fill out the letting pack and get it back to the underwriting people. they said each case is different and they'll take everything into consideration e.g if we'll be making a profit, using a letting management company, how high the mortgage is etc
just got to pace the floors now till i get the forms. its such a pest all the waiting about to find things out then I discover something new thats to be done. never a dull moment just got to hope i dont go into labour in the middle of sorting all this out!!!! hehe
gave them a wee call a minute ago. they cant really do anything until l i fill out the letting pack and get it back to the underwriting people. they said each case is different and they'll take everything into consideration e.g if we'll be making a profit, using a letting management company, how high the mortgage is etc
just got to pace the floors now till i get the forms. its such a pest all the waiting about to find things out then I discover something new thats to be done. never a dull moment just got to hope i dont go into labour in the middle of sorting all this out!!!! hehe
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