9:28 AM, 1st September 2015, About 7 years ago 5
I have a flat which is in negative equity by 25k. As the flat wasn’t suitable for my little girl to grow up in I bought a house.
I ask my lender for a consent to rent my flat out. It is only allowed for two years and one if the condition is to return to live there after the agreed period, which I am not intending to do.
I can’t get a Buy to Let mortgage as I have to pay the difference from the market price plus 30% minimum deposit that it is required, which amounts to £50k. I don’t have this money and I need to rent the flat out so I can keep paying the mortgage. What shall I do?
When I went to the mortgage provider to ask for advice after I explain my situation, I have been told ‘who will know that I am renting it out if I keep my mortgage payment going’. That wasn’t the advice I was expected. Please can someone advise what I shall do? I want to do the right thing, but I am stuck.
Also will my landlord buildings and contents insurance be valid if I don’t tell the mortgage provider I rented my property out? I can’t see why it shouldn’t be.
Ps I am single mum and I have never defaulted on any payments