Do you have to tell your mortgage company if you let out your house?

I have a mortgage with a well known highstreet bank. I live in the house at the moment. I'm thinking of renting it out next year when i move in with my boyfriend. Am i obliged to tell the mortgage company? What could happen if i didn't? Thanks!Do you have to tell your mortgage company if you let out your house?
You need to tell them and your insurance company as well. If your mortgage said anything about ';owner occupied'; (it most likely does) you are guilty of mortgage fraud if you leave without telling them.





The same goes for insurance, if ti states you are owner occupied and your renter burns the place down you are in a bad place, the insurance policy is no longer valid and they do not have to pay.Do you have to tell your mortgage company if you let out your house?
Yes you do. Some mortgage agreements have clauses in them that strictly forbid the leasee from letting out the property. If you have this type of mortgage and the bank finds out you have let the property without consent, the tenant can be evicted and the house repossessed in the worse case scenario. It will be a clause in the mortgage that they would need to be notified for any change of use at the address as a minimum.


It can cause you a lot of problems if you let the property without notifying the mortgage provider, most grant permission and it's a formality.


On the alternative if you are letting the property to a professional who is coming through a relocation company, common in London and some of the other larger cities. Then the relocation company will refuse to authorise the tenancy agreement and release the funds for the start of the tenancy until they see the mortgage permission.
Yes, you have to tell them. The mortgage they gave you was for your primary residence, not for a business investment. What could happen? They could call in your mortgage, and you'd have to either sell the house or refinance with them at possibly higher interest rates. Read the fine print on your mortgage contract. I'm quite sure you'll find your answer there, and the answer will be ';you can't do this';.
look at Your occupancy affidavit from your purchase or most recent re-if. most state that you intend on it being your primary res at the time of signing plus 90 days.. As long as you did not intend on renting at the time of signing you will be ok .
Yes..you need to let them know that the house is no longer your primary residence. You also need to tell your insurance company

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