[Closed] Consent to Let - is it worth it?

Yes + insurance

Ask Renton about renting out houses 😉

the issue is your buildings insurance will probably be invalid if you're not the owner-occupier.

I know a family that were evicted (with little or no notice) by the mortgagae company because the landlord hadn't informed them. They were effectively dumped on the street.

Thanks everyone - I've had lots of differing opinions on this, someone I know at an estate agents is saying to not tell anyone, as they're no real need...

Nationwide were happy to continue as we were with the mortgage when we started letting our flat, we just had to let them know.

There's never a need until someone catches you out or something goes wrong. But nothing ever goes wrong, does it?

Get the estate agent to put that advice in writing!

+1 on insurance / mortgage being invalid with out consent to let.

Halifax we also very happy to gives us a consent to let but for our peace of mind we're glad we did (nothing has happened touch wood)

Oh - And get a different estate agent... 😕

Yes. If you do not you are in breach of the mortgage terms this could potentially result in the lender terminating and forcing you onto less favourable terms. Non.disclosure could also cause you future borrowing issues. Sack the estate agent.

Other things you should have considered....
Insurance, will need to notify or change
Appliance and gas testing
Smoke alarms / other landlord obligations
Tax - the rent is taxable and while you get a deduction for interest capital repayments are NOT allowable so you could bring in lessthan the mortgage after tax depending on your circumstances.
Tax on subsequent sale - not sure of current reliefs but if the property ceases to be your main residence you could end up with a tax bill when you sell if you rent it long term.