So, your circumstances have changed, perhaps you’ve moved in with your partner or are moving because of your job, and you want to rent out your property instead of selling it.

Your first step should be to speak with your mortgage broker so they can guide you on what needs to be done and look at potential buy-to-let mortgages for you, as this is the normal type of mortgage if you ever rent out a property. If a mortgage broker wasn’t involved in organising the original mortgage, then we can provide bespoke advice on how you can proceed.

A key condition of most residential mortgages is that you cannot let the property to someone else without a lender’s permission first. If you do, you could be at risk of breaching the terms of your mortgage and this could cause complications further down the line, if for example you try and sell the property or remortgage.

For instance, if you can’t pay your mortgage, this could have a negative impact on your credit report making it difficult to secure lending in the future, so always best to approach your lender first to discuss a solution.

By keeping your mortgage provider updated, life is much simpler. Many lenders can look at what’s called ‘Consent to Let’ for the remainder of your mortgage deal. Some may agree to a change in terms and conditions but apply a penalty. Occasionally, some might place a limit on the number of years your property can be rented out, and there may be additional fees to pay; each lender has their own criteria and policy on these things.

They key thing to remember is that being upfront about your mortgage, you are securing your financial health and, in the eyes of your mortgage lender, remain a good and valued customer.

Talk to our mortgage team if you would like more information on buy-to-let mortgages or if you’ve found yourself in this situation.