Renting out your home

[SpookyQuootiepie]

Hiya - MIL has asked if we want to live with her (she has much biger house, garden etc.) and we though we could rent out our house for 6 months or a year while we lived at MILs. We rung our mortgage company who said we needed a buy-to-let mortgage, and we would need to pay a penalty of £6,000 to get it changed. Is it illegal to rent out the property under a normal mortgage? Its relativly short term...

convert to a buy to let mortgage with another company?

we have had the mortgage less than 2 years and are "locked in" for 2 years.

We didn't have to convert as we intended to return but it is at the discretion of the lender. You do need their "permission" and also to inform insurance comapny , who may be one and the same. Suppose it is too late to remortgage and then risk asking and presumably you'd still face a get-out 6k penalty.

I think most mortgage companies allow you to get a 'permission to let' thingy which allows you to rent out your house for up to a year , as long as you are intending to mkove back there. It costs about 20 pounds

x-post with LIZS.

ill ask about that short rent thingy - thanks. Its a pain, because we could have saved loads and bought a bigger house sooner Oh well!

That's a fairly hefty penalty clause - perhaps it is negotiable if you take buy-to-let with them ?