Renting out a property - quick question

mrbios

mrbios

mrbios

Soldato
Joined
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Location
Gloucestershire
Do you tell your mortgage company or do you keep it a secret incase they don't let you(due to the mortgage your in)?

How many people tend to do it without telling the mortgage company?
 
You have to pay tax on this aswell dont you, its all a bit too involved to do it tbh, no way would i risk that. Loads of legal complications could arise if you have problems with them for instance.
 
Ok, i had heard people tend to avoid telling there mortgage company, that must just be a few people risking it then, looks like ill have to give them a ring on monday
 
I told mine originally that I was going to rent it out. They said well for the 1st year we'll keep you on the standard mortgage rate and after that you'll have to move to the tenants mortgage rate. 4.5yrs later I'm still on the the standard rate :D
Although next year it's up for renewal and yes I'm going to try everything ;) to keep it on the standard rate!!! They get enough money out of me as it is!
 
Clipsey said:
I told mine originally that I was going to rent it out. They said well for the 1st year we'll keep you on the standard mortgage rate and after that you'll have to move to the tenants mortgage rate. 4.5yrs later I'm still on the the standard rate :D
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I think my problem is that im on a fixed rate and its only 1 year into the 5 year fixed period
 
mrbios said:
I think my problem is that im on a fixed rate and its only 1 year into the 5 year fixed period
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That was exactly my position. I rented it out nearly straight away, had just over 4yrs left on the fixed mortgage - so it has just been kept at the same rate.
Say you're thinking of renting it out and ask what might happen etc - worth a try?
 
Clipsey said:
Say you're thinking of renting it out and ask what might happen etc - worth a try?
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Me and the missus have decided to rent a house from my uncle, moving us up from a 1 bed flat in the noisey town centre to a 3bed house on a nice country lane, we've worked out we can afford everything (albeit at a push) if the rent on our flat wasn't being paid, but obviously we need the extra money from someone living here

Selling isn't really an option at this time of year/in the current financial climate (plus I would like to keep the mortgage as that way it's still being paid off and can go towards buying another house in the future when enough is paid off)
 
Yeah be prepared for extra expenses and being able to go a few months with no-one paying rent etc - I just had to drop nearly 2 grand on a whole new boiler system and some other bits which really didn't help lol!!
 
Clipsey said:
Yeah be prepared for extra expenses and being able to go a few months with no-one paying rent etc - I just had to drop nearly 2 grand on a whole new boiler system and some other bits which really didn't help lol!!
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luckily all the heaters in this flat are electric, there is no gas, anything we leave behind I can PAT test myself, and the thermostat (I think its that) in the hot water tank was only changed about 2-3months ago

other than that there shouldn't *touch wood* be anything else that can really go wrong
 
mrbios said:
other than that there shouldn't *touch wood* be anything else that can really go wrong
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One bit of advice, this inevitably never works out so just be prepared for some unfortunate expenses :)
Sounds like a good plan for you though.
 
mrbios said:
haha so true

just realised, i doubt there are many people who can say there a landlord at 21 years old? :D
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lol maybe, I don't know. But when I showed the house round to one snotty couple in their early 30's (when I was 21) who thought they were awesome they asked me "so what's the landlord like, any troubles" to their shock I said "no, I'll be your landlord - hopefully I won't give you any trouble" - their faces was priceless :p didn't hear anything back from them thank god!
 
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