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wingrovebuyer
wingrovebuyer, Senior Solicitor
Category: Property Law
Satisfied Customers: 737
Experience:  Bachelor of Laws (Honours); PG Diploma in Law; Member of ALA; 9 years' experience
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What is the law regarding privately let properties? What I

Customer Question

What is the law regarding privately let properties? What I mean is can you get a mortgage to buy a property. Then subsequently install tennants, without having to change your mortage to something like a buy to let?
Submitted: 4 years ago.
Category: Property Law
Expert:  wingrovebuyer replied 4 years ago.
Hello. Virtually all mortgage lenders impose loan conditions which will mean you are not allowed to let out the property without their consent. This is because there are specific types of mortgages for that purpose (buy to let). So, in essence, the answer is that you cannot buy an property on a normal mortgage, then let it out, without the consent of the lender. If you do, and they find out, they could impose a penalty or foreclose on the loan.
Expert:  wingrovebuyer replied 4 years ago.
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