can you rent your house with a mortgage

Best answer

If you檙e an owner-occupier,the terms of your residential mortgage will state that you檙eunable to rent your home to anyone without obtaining prior consent. Even if you檙e continuing to live in the house and are planning to rent out a room,your lender will still want to know. If you breach these terms,you are committing mortgage fraud.

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Before you consider renting out your property, it is in your best interest to defer back to your mortgage contract in order to ensure that there are no prohibitions against such actions established by your lender. There is a possibility that your mortgage lender could prohibit you from renting out your property.

Deciding to Lease. If you’re thinking of leasing out your home and you have a mortgage on it, check your mortgage documents and with your mortgage lender first. Many mortgage lenders giving loans to hopeful homebuyers structure them as residential mortgages, not investment or rental property mortgages.

All are situations that can be relieved if you put your home on the rental market. But will your mortgage lender allow you to do so? If you have an FHA or VA loan you must live in the house for at least one year before renting it out. They check every once in a while to determine if the owner still resides in the property.

If renting to a family member, you may need to obtain a 渇amily buy-to-let?mortgage, which is regulated by the FCA. These FCA regulations state that you must charge tenants a 渇air rent?based on similar properties in your area.