Renting out house

[hugoboss]

I have a joint mortgage with someone. We currently live in the house together, but are considering moving out and renting the whole house out to a family. Would we need to inform our mortgage company that we are doing this? If so, do they tend to mind people doing this?
Also, can anyone recommend a good insurance to cover us with rentors?

[Kathyan]

We rented our house out when my husband was posted to N Ireland. We used a Letting agent (the estate agent we bought our house through) They arranged everything from finding the tenants to collecting rent and getting insurance through Letsure. You will have to inform your mortgage company, ours were fine with it, although we did put down a 20% deposit when we bought the house.

[hectic]

Hi, you should really inform your mortgage lender but be careful as they may switch your mortgage to a buy to let scheme where the interest rates are somewhat higher. Entirely up to yourself but I wouldn't tell them.

[WoWo]

"Entirely up to yourself but I wouldn't tell them."

Yeah great advice, untill they find out, you would have breeched the terms of your mortgage and they could recall the mortgage amount with immediate effect. Given it wouldn't be your primary residence the courts would grant a repossesion order without much of a fight.

The mortgage company will be fine with it if you are up front and tell them.

[hectic]

Wo Wo, everyone is entitled to their own opinion which is all I said. If you read the start of my previous answer what does it say?? All I said was that I personnally wouldn't tell them!