i want to rent out my house but i dont have buy to let mortgage in london?
, my mortgage papers say i can’t rent out but i have heard most people do let out inspite, any ideas can i be in trouble , can my house be repossessed
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April 16th, 2010 at 6:59 pm
You can be found in default of your mortgage contract, and the bank could then penalize you in a variety of ways, up to and including foreclosure proceedings.
April 17th, 2010 at 2:36 pm
No – most mortgage companies would rather you don’t tell them and just keep it quiet.
When you re-mortgage, however, you will need to tell the new lendor.
April 19th, 2010 at 2:53 am
yes they can call in your mortgage if they find out, i think the only way you can do it is if you actually live in the flat and rent out the other rooms. because you are living in the property it’s fine you can do what you like with the other bedrooms, bar that it’s fine as long as you don’t get caught.
April 22nd, 2010 at 11:08 am
two things you have to think about and that is A)if you had to put a claim in on your buildings insurance it would be void as you must notify your insurance company that it is being rented out and B)you would be breaking your mortgage contract.If you contact your mortgage company ask them if you can have a different agreement on your mortgage so that you can rent it out and also contact your insurance company of any changes,hope thats of help
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