Please let me know.Can I rent out my ex-council property without having a buy-to-let mortgage?
you have to have permission from your mortgage lender as technically, they own the house. theres no reason why you shouldn't rent to relatives as long as you have a formal tenancy agreement.Can I rent out my ex-council property without having a buy-to-let mortgage?
Yes, once you own it you can rent it out, the restrictions are on selling it. You can rent it to who you like, you are the owner. You cannot sell within 3 years or you will have to pay back the discount you got - in other words, pay the full market price.
A buy to let mortgage is no different from any other mortgage - I had ordinary mortgages on all my letting properties - paid them off now, though. Go for it.
There may be a proviso in the purchase arrangements with your council which restricts what you can do with the property for a certain length of time afterwards - some councils do, some don't. I'd check with them if I were you.
Regarding the mortgage, most mortgage lenders are happy for you to rent out, providing there's a formal arrangement in place. Mind you, some lenders don't even notice that you are doing that, as long as the payments are kept up they're happy!
Yes lots of people do but your not supposed to, when i bought my council property 1 year ago i got a mortgage which would let me rent out, and when i do it will be a case of paying 拢100 one off fee, u must let your insurance company know, as its not worth the hassle if anything were to go wrong, yes you can rent to relatives, and if you are on any benefits you may have to pay tax on the extra you make on what your mortgage payment was. you can rent but you can sell within a certain time mine is within 5 years, due to those greedy people who bought to sell asap!
No, you don't need a buy-to-let. Once you have a mortgage in place, the house is yours and you can do what you like with it. You don't have to tell them you're going to let it out. As long as you keep up the repayments, they really don't care.
You can sell when you like too. Rent to whoever you fancy. If you get a buy to let, your lender will need you to prove that you'll be able to get a rental return high enough to cover the mortgage.
Call your local council, They would tell you for sure.
Good luck
You would need to let your mortgage company know if you are renting out the property.
Ask your financial adviser (make sure he/she is independent, as this gives you more lenders to choose from)
Try inside track Google them.
no you don't need a buy to let mortgage it should be no problem.as long as you make your lender aware of your intention to rent it out.they may charge you a small yearly fee.any insurers would also need to know.good luck
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