Changing from Home Mortgage to Letting instead.

[Dee Bee]

My home is about half way through a 25 year mortgage. I am now considering moving out & letting it. Do I need to notify the lender & would there be any changes in the rate of interest ?

 

[NoRegretsCoyote]

You are probably obliged by the contract to inform your mortgage provider. In return they will probably charge you a higher rate.

On the other hand, a bank won't employ a private investigator to discover who is resident in your house, particularly if you pay your mortgage.

 

[Clare12]

If you let it, then you do tax returns on rental income, are you getting tax relief at source or has this benefit ended, if you are still getting this, then Revenue will stop it, which could trigger an alert to the bank who in turn could up the rate to 'Buy to let' rates.