Rent out flat - Mortgage?

[Paul2412]

I have a mortgage with Abbey (now Santander) and I'll be out of the country for a year from February. Do I need to do anything with my mortgage? Some of the letting agencies state that they need written consent from the mortgage people, but I don't want to change to a buy to let mortgage as after a year I'll be back.

 

Any advice?

 

Additional point, the mortgage is with Santander.

[Kthebean]

You will need to get consent to let from your lender if not a buy to let mortgage - even if the letting agent doesn't require it your insurance company might do - I know it sounds mad but you know they will wiggle out of paying you for any reason going. You also need to check the terms of your insurance to make sure you are still covered - your normal insurance probably doesn't cover you for letting. You may also need to get consent from your freeholder if you have a lease. You might need various safety certificates also for insurance/legal purposes, and it may have tax implications for you.

[Paul2412]

Do you know roughly how much a consent to let would be?

[Kthebean]

Few hundred I think. As far as I'm aware its just a temporary thing though, I dont know if they would let you do it for more than a year. Really though I'm no expert. You might be better asking on a landlord forum.

[Paul2412]

OK thanks, I'm going away for a year on a work holiday visa so it's not a long term thing.

 

I'll call them and ask about that, cheers.

[Jeffrey Shaw]

Also, ensure proper legal documentation between you as landlord (L) and your new tenant (T). Your solicitor can explain more. For example, as you've been an owner-occupier so far, consider using a 'ground 1' Notice. This improves your chances of obtaining vacant possession when the fixed-term letting ends.