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Does mortgage need to be changed once you rent out your house?

Fiona · 2014-05-23 10:51:47

A friend of mine has lived in her house for 6 years. She is looking to rent out her house and possible move back in with her parents or rent a new property as what she has now does not suit her current living needs, she will be looking to sell the property within the next year. Does she need to inform her bank she is…

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23-05-2014 11:51am

#1

Fiona

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A friend of mine has lived in her house for 6 years.

She is looking to rent out her house and possible move back in with her parents or rent a new property as what she has now does not suit her current living needs, she will be looking to sell the property within the next year.

Does she need to inform her bank she is renting? I was under the impression this would not need to be done as she never bought her house as a buy to let property?

I said nothing to my bank when I rented out my house, I just stopped paying my TRS and registered as a landlord. I have it rented out on the RAS scheme.

I paid mortgage on the house for 3 years before I rented it out?

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#2 23-05-2014 12:23pm
Marcusm

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It all depends on the precise terms of the mortgage. You seem to have done the right thing via a via TRS; some seem not to bother.

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