I am renting out my property whilst living abroad for a few years. Do I need to change to a buy to let mortgage?
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MoneyTalks
2 years ago
Expert Financial Adviser Answer
James Brooke
answered 2 years ago
If by change you mean remortage then the answer is no, but you do need to tell your mortgage lender that you are letting out the property and you need to get their permission. This is a normal condition of most residential mortgages.
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Sarah_Beeny
answered 2 years ago
Yes, definitely check the smallprint of your agreement - you will normally need to report a change of use, or if the property is no longer your primary residence. They will also need to know that you will no longer be in the country in most cases, and will need some contact information for you presumably.
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Expert Financial Adviser Answer
James Brooke
answered 1 year ago
Just to clarify, Sarah and I agree that you need to check the terms and small print of your mortgage, but usually you do not have to remortgage. You will probably only have to inform the lender of the change of use, for which they may wish to make an extra charge.
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