Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 4 weeks ago 47
I have just refurbished my first 3 bed house bought on BTL mortgage. The property is, in Croydon (Article 4 area) a prospective tenant has just approach me wanting to rent it with 2 other friends.
Do I sign AST just with him, or joint AST with 3 people.
As an “inexperienced” landlord, renting a property on room by room basis would breach the terms of my BTL mortgage.
If I don’t let it out to one family as a single let, what are my options?
Do I need to inform my council, if there are 3 unrelated people (they will be sharing the bills,) living in my property? Croydon council is very restrictive!
Do I need to inform the insurance company?
It is my first rental property and hearing about the nightmares people had, signing guaranteed rent contracts with the agents, I don’t want to choose that route.
Thank you in advance for all constructive feed back.
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