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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I have a property in which I am living in. I am on the mortgage

Customer Question

I have a property in which I am living in. I am on the mortgage with my ex which doesn't live in this country any more and I am not sure where he is. It would be possible for me to rent this house and if I gonna call mortgage company to tell them I intend to rent the house, is it mean my mortgage monthly payment will rise and do I have to pay a tax from rent if so how much it would be
Submitted: 3 years ago.
Category: Property Law
Expert:  Ash replied 3 years ago.

Alex Watts : Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : Yes, if you own the house then you are free to rent it out.
Alex Watts : There is nothing stoping you especially if your ex is outside the country,
Alex Watts : Can I clarify anything for you about this today please?
JACUSTOMER-7umbzpbb- :

what about the other part of my question?

JACUSTOMER-7umbzpbb- :

if I gonna call mortgage company to tell them I intend to rent the house, is it mean my mortgage monthly payment will rise and do I have to pay a tax from rent if so how much it would be?

Alex Watts : Yes the payment is likely to rise as it will be buy to let.
Alex Watts : You will have to pay tax on payments receive less costs such as interests, insurance etc
Alex Watts : Does that help.
JACUSTOMER-7umbzpbb- :

do you know the percentage of the cost?

Alex Watts :

Depends on what rate of tax payer you are, normally 20%

Alex Watts :

Does that help?

JACUSTOMER-7umbzpbb- : But if I paying the mortgage the mortgage company shouldn't change my mortgage ?
Alex Watts : They can change it from the current deal to a buy to let. A condition of your current mortgage is that you are to live there. This will change so the rate will go up.
Alex Watts : Does that clarify?