Renting out to move on / up

[daginge]

Hi All
I'm sure there are answers on AB that would cover this but I am too tired and stressed to look in honesty. I have a meagre chance at buying a larger family home that has recently come onto the market through an Uncle's death. Can anyone please tell me if it is not so much easy, but possible; and of course legal to rent out my current home by myself so as I don't need to pay agency fees? I am not being tight it's just that obviously I need to rent out the house and cover my mortgage and to do that I can't really afford to pay any extra to an agent. Also, sorry, yes there's more; as Jimmy Cricket would say, how do I or even can I; guard against an interest rate change meaning that the rent won't cover the mortgage in the future?
TIA

[flyciderman]

1) Yes you can
2) Not really

[bushbaby_de]

There is no law that you have to use an agent. However you will need to swot up on landlord and tenant law to ensure you know your responsibilities and find a rent deposit scheme for the tenant's deposit. You will also need the permission of your mortgage company, who may change your mortgage interest rate or require a specific monthly rental yield before allowing you to go ahead. Unless you know things about the future that we don't, there is currently no known way of protecting yourself against future uncertain events, although ensuring you don't spread yourself too thin is good advice as rates can only go up.

[dothawkes31]

If you go into a good high street stationers, you can buy a tenancy agreement for furnished or unfurnished accomodation which includes a contract for each to sign for about £6.

[daginge]

Thanks all. It seems that I can't under the terms of my current mortgage and would have to not only swap my exiting mortgage to a buy to let one but would have to change mortgage provider full stop. That's that one blown out of the water then eh? LOL